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).
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)
display is disabled by default.
3. Optionally display Fractals and optional 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
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 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 (VTL), use 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 uitilising the 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 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 ( ) as it is momentum based.
- Updated to version 3 of Pinescript
- Added optional PAC swing alerts, with optional 200ema filter (PAC has to above/below 200ema)
- Added alarms for swing arrows
- Removed security calls for sources, problematic