[Tutorial] RSIwings (swings) for find pyramiding entries ->hh,ll
This indicator show higher high + higher low and lower high + lower low -> based on RSI modification.
HOW I USE On a longsetup I set a buyorder on the high, if the RSI swings show red the first time. My stoploss I choose on the lowest price from the red swing before. After every ending bar without tradeentry I move the buyorder step by step on the last high till the price move up and the longtrade start. The same game I use for sellorder with the green swings, if I want a shortsetup. Best times for this are retracements from a trendchannel i.e.
HOW I PYRAMIDING From swing to swing with the same color I move my stoploss. If my risk are 100 USD and with the next moving stoploss are only 60 USD in risk, then I have 40 USD for my next pyramiding trade in the same trendsetup.
WHEN I MOVE MY STOPLOSS If I have choose a stoploss, than this is fixed till the last highest/lowest price from the other swing is broken.
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 publications is governed by House rules. Bir grafikte kullanmak için favorilere ekleyebilirsiniz.
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