The TT Price/Trend Indicator identifies potential trend changes and advises of safe places to set orders at retracements.
Main Signals:
When a "BUY" signal prints, it is suggested to set a buy order at the Blue trendline and wait until price retraces back.
When a "SELL" signal prints, it is suggested to set a short order at the Blue trendline and wait until price rises up.
Take Profit:
The Reactive Trendline (the thick line that switches from Green to Red, and Red to Green frequently) is good at finding local bottoms.
It is suggested to Take Profit on your Long once you see the first switch from Green to Red. If the Reactive Trendline is already Red when your LONG order is filled, wait until it goes from Red-Green-Red to Take Profit.
It is suggested to Take Profit on your Short once you see the first switch from Red to Green. If the Reactive Trendline is already Green when your SHORT order is filled, wait until it goes from Green-Red-Green to Take Profit.
Stop Loss Suggestions:
If you are LONG (BUY), set your Stop/Loss to slightly below the last Higher Low (HL)
If you are SHORT (SELL), set your Stop/Loss to slightly above the last Lower High (LH)
Alternatively, if you want to maximise your Risk:Reward ratio, you can CLOSE your order once a candle engulfs and closes over both the Blue Line AND the Grey Line. Once these levels are broken and you are underwater, the risk to hold that position is no longer worth it. However, this approach can shake you out of winning trades, so I advise you to use other strategies such as Volume, Fibonnaci and RSI etc to help you make a final decision.
Important: If you are taking this approach, don't panic sell - wait for the close of the current engulfing candle to make this decision, because quite often it will just be a wick up or down in your favour.
What are the best Strategies?
The best timeframes are as follows:
- 1 Hour - 2 Hour - 4 Hour - 1 Day - 1 Week
My Favourite is 1 Hour.
Scalping for advanced traders:
- 1 minute - 5 minutes
If you are scalping, it is highly recommended to use the TT Volume Indicator as well, to confirm price with volume (see scripts under my profile). Price on its own will not be good enough.
I also recommend the RSI with a 14 SMA to identify Strength breakouts.
Other Features:
- VWAP (Dotted Red/Green line) - this is common liquidity and can be one of the most important Support/Resistance levels in Crypto, which is why it is included.
Can you FOMO order?
Unless you are using this with a combination of other indicators (such as the TT Volume Indicator), it is not recommended to FOMO orders at the "BUY" or "SELL" signal unless you have a clear volume breakout. Please see this explanation on FOMO ordering for further information:
Release Notes
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Fixed colour - TradingView changed its new definition of "Blue"
Release Notes
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Added Purple Support/Resistance Bands - these are very important long term trendlines and will be helpful for you. I will describe how to use them more in tutorials soon.
@iJakee, I've unlocked access for you, please let me know how you get on :) and if you have any questions, I will be happy to help!
faruk062
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@reiiss7, It works really great. Thank you very much!
Pdias89
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Hi, can i have access please?
Fihsak
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Just installed the two indicators - my initial assessment is that the indicators are pretty accurate with the signals and trend direction. I am using divergence as an additional confirmation and the combination looks spot on - thanks for granting access.
reiiss7
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@Fihsak, happy to help! Yes i use RSI with 14SMA too. Works very well!
fannytradz
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May I please have access to this script. This seems to be pretty good... Thanks in advance.
Jaydenhelp
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Can I have access please? New to trading your charts are next level!
reiiss7
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@Jaydenhelp, thanks! Now added, please let me know how you get on