Coded by vaidab.
A simple strategy to buy dips in an uptrend.
How to use:
- buy on trend when price retraces to the orange "buy" line and compound orders
- sell when price reaches red line (stop loss) or at 💰 (take profit)
Note that you can reverse trade on the 💰 sign for a short scalp / day trade.
Uptrend: green/red background. Danger zone: orange bg . No go zone: no bg .
Potential buys (in a clear trend): 55, 100, 200 touches and
fibo retracements to .382 and .618.
Potential stop loss: when price breaks the 200 (marked by a red line).
Exit signs: opposite trend divergences ( ).
Take profit: 55 crossing down 100.
Use it in confluence with market structure. E.g. If 200 ligns up with
past market structure, if there are whole numbers or if there's a monthly level.
Tested BTCUSDT D, 4H
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.