ETH Trend Following Scalp
Updated
ETH Trend Following Scalp
Set Up
Candle #1 Close is Greater than $2 Distance from 40 MA
Rules:
Bullish
#1. 20 MA is Above 40 MA Bullish (Black over Blue)
#2 Candle #1 Close Must Be Below 40 MA to Go Long
#3 On Next Candle, Candle #2 Buy on Open
#4 Place Sell Order at what the 40 MA was in Candle #1
Bearish
#1 20 MA is Below 40 MA Bearish (Blue over Black)
#2 Candle #1 Close Must Be Above 40 MA to Go Short
#3 On Next Candle, Candle #2 Sell on Open
#4 Place Buy Order at what the 40 MA was in First Candle
The chart is from one day of pretty non-volatile ETH action.
I am just trying to find a method to scalp some ETH while I am babysitting it in my screen time.
A $2 move in ETH right now is only about 1/2 of a percent but if I can do that 2 or 3 times a day I'll take it!
The other advantage to me is that I want and do own ETH anyway, so,,, I won't ever consider that I am getting stuck with it!
I am new to TA, so a newbie I am. Proceed with caution and do your own testing. More back testing would be good.
If you improve upon this or apply it to other assets let me know.
If you have your own scalp idea please let me know, publish it!
JW
Set Up
Candle #1 Close is Greater than $2 Distance from 40 MA
Rules:
Bullish
#1. 20 MA is Above 40 MA Bullish (Black over Blue)
#2 Candle #1 Close Must Be Below 40 MA to Go Long
#3 On Next Candle, Candle #2 Buy on Open
#4 Place Sell Order at what the 40 MA was in Candle #1
Bearish
#1 20 MA is Below 40 MA Bearish (Blue over Black)
#2 Candle #1 Close Must Be Above 40 MA to Go Short
#3 On Next Candle, Candle #2 Sell on Open
#4 Place Buy Order at what the 40 MA was in First Candle
The chart is from one day of pretty non-volatile ETH action.
I am just trying to find a method to scalp some ETH while I am babysitting it in my screen time.
A $2 move in ETH right now is only about 1/2 of a percent but if I can do that 2 or 3 times a day I'll take it!
The other advantage to me is that I want and do own ETH anyway, so,,, I won't ever consider that I am getting stuck with it!
I am new to TA, so a newbie I am. Proceed with caution and do your own testing. More back testing would be good.
If you improve upon this or apply it to other assets let me know.
If you have your own scalp idea please let me know, publish it!
JW
Note
My first published "idea"The chart should NOT have had all those indicators showing on the bottom as they are NOT part of this method. (I will figure out this publishing!)
I will try to update. If you apply the rules listed above to your ETH 60 day chart just use a 20 and 40 Moving Average and apply!
Those are the only indicators that I am using.
Note
Ok, here is a screenshot that is a lot easier to look at! JW
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