This study project is a Scalping Pullback trading Tool that incorporates the majority of the indicators needed to analyse and scalp Trends for Pull Backs and reversals on 1min, 5min or 15min charts. The set up utilies Heikin Ashi candle charts. Incorporated within this tool are the following indicators:
1. Major industry (Banks) recognised important EMAs in an Ribbon:
- Green = EMA89
- Blue = EMA200
- Black = EMA633
4. HH, LH, LL, HL finder to help with drawing and mini .
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
- red line = EMA36 of bar close
- Set the chart to Heikin Ashi Candles.
- Add "Sweetspot Gold10" indicator to the chart as well to help with finding and shows where the important "00" and "0" lines are.
- When price is above the PAC(blue bars) we are only looking to buy as price comes back to the PAC
- When price is below the PAC(red bars), we are only looking to sell when price comes back to the PAC
- What we’re looking for when price comes back into the PAC we draw mini utilising the Fractals and HH/LL points to guide your TL drawing.
- Now look for the trend to pull back and break the drawn TL. That's is when we place the scalp trade.
- So we are looking for continuation signals in terms of a strong, momentum driven pullbacks (normally short term 10-20 pips) of the EMA36.
- The other EMAs are there to check for other Pullbacks when EMA36 is broken.
- Other than the SweetSpot Gold10 indicator, you should not need any other indicator to scalp the pullbacks.
- Fractals V8 by RicardoSantos
- Price Action Trading System v0.3 by JustUncleL
- SweetSpot Gold10 R1 by JustUncleL