Hello Riders A new sub indicator has been added: "Trend Continuation Strategy" (part of Trend Rider Algo #2)
Objective: Signal potential longs and shorts on the same direction of the current trend. This indicator is better on lower timeframes for scalping.
Basically the idea is to catch bounces during a bull trend and rejections during a bear trend.
The key difference with our take profits and bounce signals is that TP and PB usually goes against the trend, so this "Continuation Strategy" is a perfect complement.
- Set and stop loss before entering. VERY IMPORTANT for this indicators, do not aim to catch a big trend shift as this signals bounces/rejection only.
- Secure profits early.
Notes about the indicator:
- Red Candle: Pontential Short
- Green Candle: Potential Long How to use it effectively
- Pay attention to the first candle that changes color, that is the leading signal, if you miss the entry and a second candle appears with the same color you can enter trade but only if the candle is on a better position versus the leading candle (ejm: for a short if a second candle appears above the leading candle then is a better risk/reward)
- Enter with a minimum of a 2:1 ratio (good idea to see for confluence with TP, PB, and M signals)
For Shorts (2:1 Ratio)
For longs (2:1 Ratio)
Of course indicator does not work all the time, as said before is very important to manage your stop loss.
IMPORTANT: make sure to remove trend rider algo #2, refresh browser and add it again to your chart to see the latest version. (edited)