Description: This study project is a "Scalping Swing trading Tool" and is an alternative to the "Scalping Pullback Tool R1". It is designed for a two pane TradingView chart layout:
the first pane set to 15min Time Frame;
the second pane set to 1min Time Frame(TF).
The tools incorporates the majority of the indicators needed to analyse and scalp Trends for Swings, PullBacks and reversals on 15min charts and 1min charts.
Incorporated within this tool are the following indicators: 1. The following EMAs are drawn automatically:
Green = EMA89 (15min TF) = EMA75 (1min TF)
Blue = EMA200 (15min TF) = EMA180 (1min TF)
Black = EMA633 (15min TF) = EMA540 (1min TF)
2. The 10EMA (default) High/Low+Close Price Action Channel (PAC), the PAC channel display is disabled by default. 3. Optionally display Fractals and optional Fractal levels 4. Optional HH, LH, LL, HL finder. 5. Coloured coded Bar high lighting based on the PAC:
blue = bar closed above PAC
red = bar closed below PAC
gray = bar closed inside PAC
lime Line = EMA10 of bar close
6. Pivot points (disables Fractals automatically when selected) with optional labels. 7. EMA5-12 Channel is displayed by default. 8. EMA12-36 Ribbon is displayed by default 9. Optionally display EMA36 and PAC instead of EMA12-36 Ribbon.
Set up and hints: I am unable to provide a full description here, as Pullback Trading incorporates a full trading Methodology, there are a number of articles and books written on the subject.
Set to two pane TradingView chart, set first pane to 15Min and second to 1min.
Set the chart to Heikin Ashi Candles (optional).
I also add a "Sweetspot Gold2" indicator to the chart as well to help with support and resistance finding and shows where the important "00" lines are.
Use the EMA200 on the 15min pane as the anchor. So when prices above EMA200 we only trade long (buy) and when prices below the EMA200 we only trade short (sell).
On the 15min chart draw any obvious Vertical Trend Lines (VTL), use Pivots point as a guide.
On the 15min chart what we’re looking for price to Pullback into the EMA5-12 Channel or EMA12-36 ribbon, we draw Trendlines uitilising the Pivot points or Fractals to guide your TL drawing.
On the 15min chart look for the trend to resume and break through the drawn TL. The bar color needs to change back to the trend direction colour to confirm as a break.
Now this break can be traded as a 15min trade or now look to the 1min chart.
On the 1min chart draw any Pullback into any of the EMAs.
On the 1min chart look for the trend to resume and break through the drawn TL. The bar color needs to change back to the trend direction colour to confirm as a break.
Now this break can be traded as a 1min trade.
There is also an option to select Pristine (ie Ideal) filtered Fractals, which look like tents or V shape 5-candle patterns. These are actually used to calculate the Pivot points as well.
Other than the "SweetSpot Gold2" indicator, you should not need any other indicator to successfully trade trends for Pullbacks and reversals. If you really want another indicator use the AO (Awesome Oscillator) as it is momentum based.
Notas de prensa
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Update R1-6 some small improvements to allow it to work better with Stocks.
Updated to version 3 of Pinescript
Added optional PAC swing alerts, with optional 200ema filter (PAC has to above/below 200ema)
so back in 2020 i found this indicator and have used it with Hawkeye from lazy bear, and wavetrend from Dreadblitz, and i would have say aft
Mnbrass549
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I was a little bored when i first saw this AMAZING indicator. I combined it with the Other Scalp Tool, I wanted the Repaint of the market flotations. I took off the Ema F, Medium and Slow and the 3 and 5 channel. I use a 50 MLT view Hull MA with alerts when the HMA flips to the opposite side of the "possible reverse" with your a few bars later after the first alert goes off the Rainbow Crosses.(((Thought about setting alerts when the Rainbow Crosses) but only on the 15 min chart. Entry.. ))) With the Hull MA i get to Ride the Winners longer and Cut Potentinal Loosers Faster. So you have design this for a scalpers point of view. I tried that, i was not quick enough so i long swing the market with the combination of this, your other one, and MLT_HMA. Now the AO i use with conjunction of this i use the ADVANCE AWESOME OSCILLATOR (basically an AO with MACD colors imputed into so i can Understand it faster) with the close on the MLT_HMA at 21, and 50, this clearly defines the Swings in the market.
I want you to make a Strategy on this so i can back-test my work/findings of combining a couple of different peoples works. If i look at my Account records i am 88% to 92% Right.
Do you have an updated Scalping Swing Trading Tool R1-4 where version=3 in Pine Editor by any chance. Also do you this tool as a STRATEGY Script instead of an indicator ?
JustUncleL
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@developeralgo222, I have no plans to update this script, although it would not take much to convert to version=3.
developeralgo222
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@JustUncleL,
Thank you so much , i see you have several indicator and Strategy scripts . Which of them is your best indicator or strategy scripts for Scalping 1 Min or 5 Mins or 15 Mins on EURUSD that you are using or normally use in this case.
JustUncleL
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@developeralgo222, Personally I don't scalp trade Forex anymore, but I did have some reasonable success with using Super Guppy on 15mins charts and a 60min Anchor.
I was just looking at the Super Guppy indicator , a quick question does the Buy(UP) or Sell(SELL) ARROW appear at the Open of the next Bar or after next bar closes ?