Coding StyleWhen a coder creates something new, mostly that is with his/her own style. This makes them artists in a way I believe :)
While it is nice to develop a specific style, writing things on a certain way can be very important to understand better what is written.
This example shows a style, while it is possibly nice to see, is very hard to decipher...
Here is the same code, written in a different way, making it easier to read.
indicator("ConeCode-Linefill,educational", max_lines_count=500, overlay=true)
color1 = input.color(color.new(color.blue , 35), 'color 1')
color2 = input.color(color.new(color.lime , 35), 'color 2')
color3 = input.color(color.new(color.red , 35), 'color 3')
iFill = input.bool (true,'fill')
s1 = ta.sma (close, 1000)
s2 = ta.sma (close, 200)
l1 = plot (s1 , 'l1')
l2 = plot (s2 , 'l2')
topVal = s1 > s2 ? math.min(s1, s2) : math.max(s1, s2)
botVal = s1 > s2 ? math.max(s1, s2) : math.min(s1, s2)
topCl = iFill ? s1 > s2 ? color3 : color1 : na
botCl = iFill ? s1 > s2 ? color1 : color2 : na
fill(l1, l2, topVal, botVal, topCl, botCl)
█ More information:
Coding style: Pine Script™ v5 User Manual/Writing scripts/Style guide
Script description: How PineCoders Write and Format Script Descriptions
Style
Oil bearish until end of april - contrary to geopolitical situatThe high for oil is probably set, for at least a month. It speaks for itself that this is contrary to the current belief due to the war in Ukrain, but the charts speak for themselves.
Expect a correction during the remainder of march and april. Target for the correction is 104 to 106 level. Once the correction is over, Oil will probably rise during summer to 168 - 170.
The elliott wave is shown. Indicators also shown a momentum high, both RSI as the CFG (cardwell's improved version of the RSI). Especially the CFG is showing a momentum extreme, so a cooling off period is very probable.
Timing analysis shows a fibonacci balance of wave 4 to end somewhere in april.
What Does Consistency Mean In Trading ? Hello traders:
Today let's talk about “consistency” in trading.
Many traders understand they need to be consistent, but what exactly is consistent in trading ?
To me, it's not just making consistent “profit”, rather it's being consistent with your trading strategy, risk management, trading psychology, mindset and emotion.
Let's take a look at a few examples of consistency in trading:
Consistency in profits:
More often traders think about hitting a set amount of % return in consistency.
This is certainly one way to look at it, but I would say to challenge ourselves to do more.
Each and every month, the market will develop differently, hence our profits are not gonna always be the “same” each and every month.
Some month with more profits, some month with more losses. We need to have the ability to stay “consistent” no matter what the market condition is.
Consistency in strategy and Trading Plan:
Remember, there are many different trading strategies out there.
The ability to stay “consistent” with your current trading strategy, and not jump from strategy to strategy.
Even if your strategy right now isn't getting any entries available in the current market condition, while others are entering trade, you need to stay consistent with your strategy and let the probability play out.
Understand no strategy can catch every move in the market. Some will catch this particular run, while others will catch other developments.
Consistency in risk management:
When you are at a series of drawdowns and losses, the ability to stay “consistent” with your risk management.
Not risking more than 1%, not entering more than 2-3 trades at a time. No revenge trade, and/or over leverage trade.
Respect your SL and honour the SL. More often traders fall into this stage while they take a number of losses and throw their risk management out the window.
Consistency in mindset and emotion:
When your strategy isn't playing out on a short term, the ability to stay “consistent” and not to start randomly taking trades based on FOMO, Greed and emotion.
Sometimes traders get impatient and feel like waiting for setups to happen is a hassle and they don't want to wait.
This is when they start to rush their trading journey and backfires on them.
Consistency in your goal:
Set goals for your result and progress. The ability to stay “consistent” with yourself and don't let external factors like social media, fake guru, scammers affect you and your goal.
If you plan to have 5% per month profit, then don't let other people affect you in a negative way.
Everyone trades differently, and with different strategy, method and approach. No need to compare and compete with others, rather, with yourself each and every year.
Below I will forward some good educational videos on the above topics that we have discussed:
Trading Psychology: Revenge Trading
Trading Psychology: Fear Of Missing Out
Trading Psychology: Over Leveraged Trading
Risk Management: Combine everything you learn to prevent blowing a trading account
Bitcoin - long term bottom in place - first target 60k in juneBitcoin is showing is that a longer term bottom is in place, because of the following reasons.
Momentum analysis
The weekly chart found support on the RSI 40 level. A longer term Positive Reversal (LT PR) is there, with a signal count of 16. The Cardwell CFG is bottoming out at the same level as in june 2021.
Elliott Wave
The strong leg up to april 21, is followed by a textbook flat. The internals are 3-3-5. The strong rebound at 32950 indicates flat-C to be ended, which shows we are in an impulsive wave up now.
Target and invalidation
- Invalidation: This scenario is invalidated if Bitcoin falls below 32950
- Targets: the first important targets along the way up are the endpoint of wave 1, so somewhere between 60k to 70k. This will probably be reached between april and june. Strong resistance will be found at 52k (previous 4). Eventually 95k and higher are expected.
Trading with RSI IndicatorRSI TA
SETUP
1. Start a new layout on Trading View. Call it “RSI TA” to distinguish it from the rest
2. Add only the following indicators:
A) Volume: straight forward, nothing to configure here
B) RSI Candles: Configure it as follows:
Length = 9
UpLevel = 60
DownLevel = 40
Change the Bar Colors to any colors that suit you or keep them as default if you like. I use phosphoric green for 60 (color 0) and phosphoric red for 40 (color 1)
C) RSI Multi Level V3: Configure it as follows:
Length = 9
Style:
Plot ( I chose yellow to distinguish it from my background and the rest)
Level 80 Phosphoric Green (to distinguish it from the regular green candles)
Level 60 Phosphoric Red (to distinguish it from the regular red candles)
Level 50 White ( I use dark mode, so white is visible. Otherwise choose black if you use light mode)
Level 40 Green
Level 20 Red
Disable the rest
READINGS:
1. Use the daily chart, don’t apply it to lower time frames.
In a BULL RUN Market:
- Go long after the close of the first daily phosphoric green candle.
- Continue longing daily phosphoric green candles
- Once the daily candle is no more phosphoric green, exit the trade.
- Go long again when the candle turns phosphoric green.
- Make sure you do not enter/exit a trade before a triggering phosphoric candle.
In a BEAR RUN Market:
- Go short after the close of the first daily phosphoric red candle.
- Continue shorting daily phosphoric red candles
- Once the daily candle is no more phosphoric red, exit the trade.
- Go short again when the candle turns phosphoric red.
- Make sure you do not enter/exit a trade before a triggering phosphoric candle.
Apply the above to previous historical data to get confident about it. Observe how the signals reflect on the RSI Multi Level V3 Indicator at the bottom of the page to get an understanding of how the indicators are getting triggered.
Feel free to paper trade first. And if you are margin trading, make sure you use Stop Losses.
Counter-Trend Correction to meet 1.1180We are currently developing a 2nd correction within this bear run. There is a H&S formation forming within this correction that is telling me we may have some impulsive moves to come within the next day or two. TARGET is 1.1180 where we will then see what the market shapes up for us at that point. NOTE: I am keeping in mind that we may see a third touch of this current correction before dropping to the downside. OANDA:EURUSD
AUDNZD: Starting With A BullHey guys, wishing you a nice Monday.
Been watching the AUDNZD for a while now and looking for buy opportunities. After completing a short setup, price formed a divergence on the last low and is now forming a higher low on the fib levels. When the confirmation of this level holds, this will be a clear trade for us to enter.
Would love to hear what you think in the comments!
NZDUSD - Going down to 0.63411 - Wait for good moment to shortAll timeframes on NZDUSD are bearish. Next longer timeframe target is 0.63411, which is the last bottom on the Monthly timeframe
Target: 0.63411
Invalidation point: 0.70644 (last bottom on Daily timeframe)
See below the multitimeframe analysis
M) Down: Bearish Range Rules (Relative Strengh Index moves between 20 and 60), Bear retracement exactly at 50%, Price is lower as several moving averages. There is one contradiction, which is the bear divergence on the CFG Indicator. The CFG on the monthly chart is showing lower tops while the price is giving higher tops. That indicates a short bear detour after which the market should resume it's bull trend. Due to more bearish evidence as bullish, I'm prefering the bearish scenario instead of the bullish. Next target is the last bottom at 0.63411
W) Down: Relative strengh indicator recently broke below 40, Positive reversal target of 0.78116 is not achieved, which is very bearish. The weekly traders are clearly heading down.
D) Down: Bearish Range Rules (Relative Strengh Index moves between 20 and 60), recent Negative Reversal Target of 0.7006 is being hit. That pricelevel is now resistance. In addition to that the prices are below the moving averages. The daily traders are clearly bearish. Wait for a Negative reversal on this timeframe (or lower) to enter the market
4H) Down: Bearish Range Rules (Relative Strengh Index moves between 20 and 60). Prices are below the moving averages. The 4H traders are clearly bearish. Wait for a Negative reversal on this timeframe to enter the market.
Conclusion: All TF's aligned, find a Daily or 4H Negative Reversal to enter the market with as target 0.63411
EURUSD - Moving down to 1.146 - search for good moment to short EURUSD shows arguments to expect a further decline on different timeframes. Wait for Negative Reversals on Relative Strength Index or CFG to short the market.
Next target: 1.146 (based on weekly timeframe)
Invalidation point: 1.17111 (recent bottom on daily and 4H timeframe)
See analysis of multi timeframes below:
M) Down: topping at 60, below fibo 50% level (1.22) protecting bear perspective
W) Sideways: RSI < MA's, on its way to test MA's on price around 1.146
D) Down: RR, NR TA Hit, resistance at 1.17586 and 1.17111
4H) Down: NR TA Hit, Range Rules, resistance at 1.17094
Search for NR's to enter the market
SPREAD BETWEEN DAX and RUSSELL 2000 (HISTORICALLY)As you can see this spread shows Risk Appetite.
If Russell goes parabollic like these weeks (Without Reason, just DXY effect, but remember this is bad for US Exports which are key for smallUS Caps)...Also the US 10yrs bond has driven a long AveMaria Pass till 2,30%, which means higher WACC in all Discounted Free Cash Flows Models...)
Yes US Equities, are quoting irrational quantitative ratios.. example KEYCORP a mid US Bank is quoting 6.4 x times Price to Sales Ratio - Highest Ever¡¡¡¡¡
Summary: Reverse Small Caps - and add Big Caps specially in Europe (Example: Germany)
Risks: Remember this is a pair trading strategy