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shewade_sushrut619 Discussion started by shewade_sushrut619 1 month ago


Using beta RSI strength on 15 length with vwap deviation bands (monthly timeframe).
symbol : Mahindra_Mahindra, 1h, NSE
STEPS:
1. select a fundamentally well performing stock that has good volatility ( preferably largecap).
2. wait for the price to fall to 3rd deviation band( blue colored in my case). marked by blue arrows
3. make sure rsi strength is below 40% bearish (different for different stocks, find using trial and error). highlighted using yellow highlight.
4. enter in long position keeping the 4th deviation band(red colored in my case) as stoploss. 
5. targets: 
         target1: either price reaches the monthly vwap( orange dotted line) or rsi strength line reaches the overbought zone (20-30) highlighted with white highlight.
         target2: either trail after target one or wait till rsi strength reaches 80-100 overbought zone. vwap deviations upper band can also be used for targets.

tip: you can also add indicator named "divergences for any indicator" to capture divergences in rsi strength indicator. could not show it in my chart as trading view doesn't allow to add more than 2 indicators
Replies
Gacho
Gacho Looks nice! Depends on what type of trader you are, long or short term. This could work for crypto bull run, BTC, ETH bottom detection before run. 1 month ago
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CoffeeShopCrypto
CoffeeShopCrypto agreed 1 month ago
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