whipsaw usually occurs right after the mkt has trended sharply both ways. Trader figures all I gotta do is put on a long strangle. Buy stop to enter above and sell stop to enter below. It worked fabulously well the last month I have been flat just trading in my paper account. At the end of the day many many stops have been hit but no biggies. Chopped to death on a very quiet day.
chasing is when you enter a limit below the mkt. It moves up you cancel and replace with a higher limit. All day long. You never get filled. If you had just entered a mkt order instead of a limit the first time you would be in rather than chasing.