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| Here on useThinkScript, we dive deep into the latest discussions and highlight the most valuable indicators, set ups, and strategies which could give you the edge in this week's markets. Scroll down to check out this week's must reads, carefully selected by uTS Moderators! |
| Ayaanali said: The Greer BuyZone Tool is designed to help identify potential long-term investment opportunities by marking BuyZones on the chart. This tool utilizes the Aroon indicator in combination with Fibonacci numbers to define periods where the asset might be a good candidate for dollar-cost averaging. |
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| captut said: Simply put, a failed auction in trading is a situation where there are multiple buyers/sellers willing to pay the same price for the item auctioned(shares/futures contract) but only one trader gets the price and auction ends and moves in other direction. On candlestick charts, it can be seen as two or more consecutive candles having the same exact high or low and the next candle opens and goes in the other direction. Failed auction acts as a magnet and majority of the times the price will always come back to the failed auction price and repair the auction so to speak. Below is a very simple indicator that shows a bubble when it detects a failed auction. It can be used as an indicator for scalping with proper trade management. |
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| useThinkScript said: Scalping, the art of quick trades for swift profits, is like speed dating for traders—short encounters, but when done right, potentially rewarding! Scalping offers an adrenaline-packed way to capitalize on small price movements within seconds or minutes, demanding sharp focus, quick reflexes, and a touch of strategy. While it’s a thrilling approach, it’s not without its risks, so understanding the following elements is crucial before diving in... |
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| FOTM_8888 said: This script is a merge of the RSI and the Williams %R. I've observed that in strong uptrends, we go from RSI overbought to RSI overbought, but it hardly gets oversold. (the same in the opposite direction). To find a better entry point, Williams %R is used to find oversold conditions in an uptrend or overbought in a downtrend. When W%R returns from oversold/overbought to normal, a triangle will be plotted and this is the point of entry to add to your position. (there's an option to mark all candles in the overbought/oversold region, by default it is off) When RSI goes from overbought back to normal it will tell you to buy the dip. In a downtrend it will tell you to sell the tops. When the RSI gets oversold and the previous RSI was overbought, it will mark to exit the position |
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FROM THE ARCHIVES: SEP 2019 |
| BenTen said: Volume divergence is a powerful yet nuanced tool for traders, especially when it comes to spotting possible trend reversals or continuations. Here’s a quick rundown of the pros and cons to keep in mind: Pros: Early Warning Signals: Volume divergence often acts as an early alert to shifts in market sentiment. For example, if price rises but volume decreases, it can signal a weakening trend. Improves Accuracy: Used alongside technical indicators like moving averages or support and resistance levels, volume divergence helps validate trend strength and spot entry or exit points. Insight into Market Sentiment: By watching volume trends relative to price movements, traders gain a window into the confidence or hesitation of other market participants, which can be highly valuable in predicting price behavior... |
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