JustUncleL

Scalping PullBack Tool R1 by JustUncleL

Description
This study project is a Scalping Pullback trading Tool that incorporates the majority of the indicators needed to analyse and scalp Trends for Pull Backs and reversals on 1min, 5min or 15min charts. The set up utilies Heikin Ashi candle charts. Incorporated within this tool are the following indicators:
1. Major industry (Banks) recognised important EMAs in an EMA Ribbon:
  • Green = EMA89
  • Blue = EMA200
  • Black = EMA633
2. The 36EMA (default) High/Low+Close Price Action Channel (PAC).
3. Fractals
4. HH, LH, LL, HL finder to help with drawing Trend lines and mini Trend Lines .
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
  • red line = EMA36 of bar close
Setup and hints:
  • Set the chart to Heikin Ashi Candles.
  • Add "Sweetspot Gold10" indicator to the chart as well to help with support and resistance finding and shows where the important "00" and "0" lines are.
  • When price is above the PAC(blue bars) we are only looking to buy as price comes back to the PAC
  • When price is below the PAC(red bars), we are only looking to sell when price comes back to the PAC
  • What we’re looking for when price comes back into the PAC we draw mini Trendlines utilising the Fractals and HH/LL points to guide your TL drawing.
  • Now look for the trend to pull back and break the drawn TL. That's is when we place the scalp trade.
  • So we are looking for continuation signals in terms of a strong, momentum driven pullbacks (normally short term 10-20 pips) of the EMA36.
  • The other EMAs are there to check for other Pullbacks when EMA36 is broken.
  • Other than the SweetSpot Gold10 indicator, you should not need any other indicator to scalp the pullbacks.

References:
  • Fractals V8 by RicardoSantos
  • Price Action Trading System v0.3 by JustUncleL
  • SweetSpot Gold10 R1 by JustUncleL
  • http://www.swing-trade-stocks.com/pullbacks.html
  • https://www.forexstrategiesresources.com/scalping-forex-strategies/106-1-min-scalping-with-34-exponential-moving-average-channel/
版本注释: Release R1.1 this is a significant upgrade to provide a more versatile tool
  • Upgraded to Pinescript R4
  • Reordered code into more logical blocks
  • Added option for PAC filtered Alerts and Alarms.
  • Added option to alter the default EMA lengths.
  • Added option to Show each EMA line.
  • Added option to use Heikin Ashi candles for Algo calculations even when normal candles are displayed on chart.
版本注释: UPDATE DOCs
Description:

This study project is a Scalping Pullback trading Tool that incorporates the majority of the indicators needed to analyse and scalp Trends for Pull Backs and reversals intended for lower time frame charts upto 15min, but it should work just as well on higher time frame charts for longer term trades.

This Tool can be used with Heikin Ashi (HA) candle charts or normal candle charts, HA candles will show a smoother looking candle trend but not show true prices.

Incorporated within this tool are the following indicators:
1. Trader selectable important EMAs in an EMA style Ribbon:
  • Green = fast EMA (default=89)
  • Blue = medium EMA (default=200)
  • Black = slow EMA (default=600)
2. The PAC EMA (default=34) High/Low+Close creates the Price Action Channel (PAC).
3. Fractals
4. HH, LH, LL, HL finder may help with drawing Trend lines and mini Trend Lines.
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
  • red line = PAC EMA (34) of bar close
6. Coloured chart Background to indicate Trend direction
(NOTE: slow EMA(600) is not used in this Algo):
  • green = Trend direction is up when PAC and fast EMA(89) are above medium EMA(200).
  • red = Trend direction is down when PAC and fast EMA(89) are below medium EMA(200).
  • yellow = Trend direction is in transition.
7. Pullback is defined as Price starts outside the PAC and then pulls back into the PAC closing the opposite side of the PAC centre line, then a recovery arrow can occur.
8. Coloured Alert Arrows:
  • maroon down arrow = Pullback recovery Sell alert
  • green up arrow = Pullback recovery Buy alert
9. Option to force Heikin Ashi candles in Algo calculations.

Setup and hints:
  • I also add "Sweetspot Gold RN" indicator to the chart as well to help with support and resistance finding and shows where the important "00" and "0" lines are.
  • When price is above the PAC(blue bars) we are only looking to buy as price comes back to the PAC, when price is below the PAC(red bars), we are only looking to sell when price comes back to the PAC
  • What we’re looking for when price comes back into the PAC we draw mini Trendlines (TL) utilising the Fractals and HH/LL points to guide your TL drawing.
  • Now look for the trend to pull back and break the drawn mini TL. That's is where we can place the scalp trade.
  • So we are looking for continuation signals in terms of a strong, momentum driven pullbacks of the PAC EMA(34).
  • The other EMAs are there to check for other Pullbacks when PAC EMA (34) is broken.
  • Other than the "SweetSpot Gold RN" indicator, you should not need any other indicator to scalp for pullbacks.
  • If you want to trade shallower Pullbacks for quicker scalps, try reducing the PAC and EMA combination lengths for example:
    - 21 PAC and 55, 144, 377 for fast, medium, slow EMAs
    - 13 PAC and 34, 89, 233 for fast, medium, slow EMAs
  • Each alert should be evaluated on it's own merits, the alerts are designed to highlight possible scalping trades from Pullback recoveries around the PAC.
从常用脚本中删除 添加到常用脚本
JustUncleL

评论

How can we protect ourself from false breakout ?
+38 回复
Just spent the last couple hours tweaking a few things and now just going to test trade what I've found, but it looks like this is going to be my favourite script to date! Free or paid. Thank you sir!!
+16 回复
HugCapital HugCapital
and it has alerts!!! SWEET!!!
+3 回复
JustUncleL HugCapital
@HugCapital, Actually there is no built-in Alerts, but you can create TradingView Alerts from price crossing any EMA or any EMA cross.
+1 回复
HugCapital JustUncleL
@JustUncleL, yeah I think thats what I saw. Great tool though. Added with divergence and rsi beens cooping up some nice entry. Hits early enough to catch most of the move but not so soon that you find yourself getting stopped out. Thanks for sharing. So far one of my favs!
+1 回复
cryptoxbt JustUncleL
@JustUncleL, great job!! Would it be possible to add Alerts to get a message when HH HL LH LL occur... it would be a great add-on; please let me know what you think. Thank you for your great job!
+4 回复
cryptoxbt cryptoxbt
@cryptoxbt, any of your other script have alerts for HH HL LH LL built-in? Thank you.
+2 回复
JustUncleL cryptoxbt
@cryptoxbt, No, but you can reference them in the Alert system.
+1 回复
JustUncleL cryptoxbt
@cryptoxbt, An alert can be added, just add the following to the end of the script should do the job:
https://pastebin.com/hpdwasLd
+5 回复
@JustUncleL, How can be safe from false breakout ?
+3 回复
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