The Flash Crash of September 8 showed once more how many are falling to greed. On top of it one also add leverage to long positions. It's just insane the risk people are taking. Anyhow, for all my noobies and friends here is a very very simple indicator that shows when NOT to buy nor increase positions and when there is window of opportunities.
A few remarks:
This script does NOT provide trading signals
Merely points out windows of opportunities - candles with green background. You still need to find the entry in this area yourself. Apply geomeric Technical Analysis, use indicators or divergences.
Windows of opportunities can still go south, use the stop-loss! (and check for bearish divergence)
The script urges you NOT to trade below ema200 of the 4h timeframe, which is marked with a red background (the most smooh timeframe there is).
Push yourself to take profits. It is marked with on the cancles to support you. Yes, it could always go higher, but try to avoid to be in a crash (and again, use a stop-loss at all time. You can make it a generous one if you want, fine. As long as you have one.).
TA speaking:
* The scripts uses EMA and RSI only. * Bearish divergence will be added in V2.
disclaimer: yes, not financial advise. It's educational.
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V1.0.1
Typos, extended usecase description/purpose.
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Updated the rules on when to show the CONSIDER and DON'T TOUCH labels.
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Improved the CONSIDER and DON'T TOUCH LABEL (will add divergence to it to filter it even better - e.g. not to touch it after a for a longer time after a bearish divergence)
the EMAs are now fixed to hourly. Use the hourly timeframe for best results.
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Updated BTC chart to make it more clear how it works