So typically for equities I use the one hour, but when it comes to crypto being that a trading day is 4x a typical day for equities, I use the 4 hour. The one thing about my momentum indicator, is that forward testing has indicated that the longer a trade survives, the more likely it is to win! This one looks like we have a double bottom in the works as it approaches the neckline. If it can breakout, instead of testing that take profit, we are likely to smash thru it. I guess patience pays...
The signal was created by the King Trading Momentum Strategy combines the 5 EMA crossing above the 13 EMA, RSI strength, favorable momentum as measured by ADX plus evaluating recent volume changes and even something that measures breakout momentum called Beta for some equities! ETHUSD and over 100 equities are built into this script, as well as, BTCUSD and SOLUSD with optimal backtest take profits and stop losses and can be toggled on by simply checking a box (default they are turned off). I always enable Using Bar Magnifier and On Bar Close in Properties.
The signal was created by the King Trading Momentum Strategy combines the 5 EMA crossing above the 13 EMA, RSI strength, favorable momentum as measured by ADX plus evaluating recent volume changes and even something that measures breakout momentum called Beta for some equities! ETHUSD and over 100 equities are built into this script, as well as, BTCUSD and SOLUSD with optimal backtest take profits and stop losses and can be toggled on by simply checking a box (default they are turned off). I always enable Using Bar Magnifier and On Bar Close in Properties.
Note
Being that this is on a 4 hr chart, currently there is 2 hrs remaining until the candle closes. If candle closes above take-profit, the algo will lock in half the trade and then set a trailing stop loss for half of the original stop-loss which is 1.25%. Appreciate everyone's feedback and continued support!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.