The strategy outlined in the JSON is designed to generate effective trading signals on TradingView for forex and cryptocurrency markets. It begins with utilizing technical indicators like RSI, MACD, and Moving Averages. For instance, RSI helps identify overbought or oversold market conditions, guiding buy or sell actions. MACD provides trend confirmations, ensuring the trader aligns their positions with market momentum, while Moving Averages offer additional timing cues for entry and exits.
Additionally, the strategy emphasizes price action analysis by examining candlestick patterns such as Doji and Engulfing. Identifying key support and resistance levels, traders can set entry signals; a breakout above resistance suggests a buy, whereas a failure at support indicates a potential sell.
Furthermore, combining fundamental and sentiment analysis empowers traders to make informed decisions. Monitoring economic events and understanding market sentiment through indicators like the Fear and Greed Index adds depth to technical setups. For instance, positive sentiment combined with a technical breakout can reinforce a buy decision.
The strategies
⛳️ Strategy 1: Utilise Technical Indicators
- Identify currency pairs or cryptocurrencies with high liquidity
- Select primary technical indicators such as RSI, MACD, and Moving Averages
- Use RSI to identify overbought and oversold conditions
- Incorporate MACD crossovers for trend confirmation
- Apply moving average crossovers for additional entry and exit signals
- Determine optimum buy and sell points using indicator values
- Set stop-loss slightly below recent support for buys or above resistance for sells
- Establish TP1 at recent swing highs or lows
- Aim TP2 at 1.5x the distance of TP1 for risk reward ratio
- Test the strategy on historical data and backtest for win rate validation
⛳️ Strategy 2: Implement Price Action Analysis
- Study candlestick patterns like Doji, Engulfing, and Hammer
- Identify key support and resistance levels on the chart
- Draw trendlines to establish overall market direction
- Look for price breaks or bounces at trendlines for entry signals
- Set buy signals on breakout above resistance levels
- Indicate sell signals on failure at support or breakdowns
- Position stop-loss just beyond the identified pattern
- Set TP1 at the next major pivot point
- Place TP2 at twice the distance from entry to TP1 for optimal risk reward
- Backtest strategy using TradingView’s replay mode for signal quality
⛳️ Strategy 3: Blend Fundamental and Sentiment Analysis
- Stay updated on major economic events affecting desired currency pair or crypto asset
- Use an economic calendar to track upcoming announcements
- Analyse news sentiment around the particular asset
- Incorporate sentiment indicators like the Fear and Greed Index for cryptocurrencies
- Combine sentiment analysis with technical indicators to strengthen signal accuracy
- Use positive sentiment along with technical breakouts for buys
- Utilise negative sentiment with technical breakdowns for sells
- Define stop-loss beneath technical and sentiment support levels
- Place TP1 using anticipated short-term sentiment shift support
- Calculate TP2 based on macroeconomic expectations and trends
Bringing accountability to your strategy
It's one thing to have a plan, it's another to stick to it. We hope that the examples above will help you get started with your own strategy, but we also know that it's easy to get lost in the day-to-day effort.
That's why we built Tability: to help you track your progress, keep your team aligned, and make sure you're always moving in the right direction.
Give it a try and see how it can help you bring accountability to your strategy.
