JustUncleL

Scalping PullBack Tool R1 by JustUncleL

Description
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 EMA Ribbon:
  • Green = EMA89
  • Blue = EMA200
  • Black = EMA633
2. The 36EMA (default) High/Low+Close Price Action Channel (PAC).
3. Fractals
4. HH, LH, LL, HL finder to help with drawing Trend lines and mini Trend Lines .
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
Setup and hints:
  • Set the chart to Heikin Ashi Candles.
  • Add "Sweetspot Gold10" indicator to the chart as well to help with support and resistance 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 Trendlines 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.

References:
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JustUncleL
Thank you for your amazing work!
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is it possible to create an alert when a higher high or lower lower is formed?
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Lovely work
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love your work... question, is there anyway i could get the script to automatically draw the trendline to automatically connect HH and LH or any other combination of my choosing?
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@JTUFENKE, Drawing trend lines in Pine Script is a non-trivial task. Pine script is quite limited when it comes to drawing things on the chart, there is no function to say draw a line from candle A high to candle B high say, there are no object nor vector type drawing tools available.
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ETCBTC JustUncleL
@JustUncleL, I think there is now with the new version 4 release
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Just spent the last couple hours tweaking a few things and now just going to test trade what I've found, but it looks like this is going to be my favourite script to date! Free or paid. Thank you sir!!
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HugCapital HugCapital
and it has alerts!!! SWEET!!!
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JustUncleL HugCapital
@HugCapital, Actually there is no built-in Alerts, but you can create TradingView Alerts from price crossing any EMA or any EMA cross.
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HugCapital JustUncleL
@JustUncleL, yeah I think thats what I saw. Great tool though. Added with divergence and rsi beens cooping up some nice entry. Hits early enough to catch most of the move but not so soon that you find yourself getting stopped out. Thanks for sharing. So far one of my favs!
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