A New Indicator Combo for Scalping Trades on TradingView

Introducing a New Indicator Combo for Scalping Trades on TradingView

In a recent video by Power of Trading on TradingView, a new indicator combo for scalping trades was introduced. The presenter claims that this combo can generate laser-focused buy and sell signals, making it a valuable tool for traders. Let’s take a closer look at the indicators used in this combo and how they can be used together to identify trading opportunities.

The Ultimate Buy and Sell Indicator by Sherlock McGyver

One of the indicators in this combo is the Ultimate Buy and Sell Indicator by Sherlock McGyver. This indicator is designed to provide clear buy and sell signals, helping traders make informed decisions. The presenter goes over the details of this indicator and explains how it can be used in conjunction with the other indicator in the combo.

The Fibonacci Ballinger Volume Weighted Deviation Indicator by T Carac

The second indicator in this combo is the Fibonacci Ballinger Volume Weighted Deviation Indicator by T Carac. This indicator helps traders identify key levels of support and resistance and provides insights into market trends. By combining this indicator with the Ultimate Buy and Sell Indicator, traders can have a comprehensive view of the market and make more accurate trading decisions.

Trading Strategies for Long and Short Trades

Now let’s take a look at the trading strategies recommended by the presenter for long and short trades using this indicator combo.

Long Trades (Buying)

For long trades, the presenter suggests looking for the Fibonacci Ballinger Volume Weighted Deviation Indicator to break above the upper band. At the same time, traders should wait for the Ultimate Buy and Sell Indicator to give a buy signal. Once both indicators align, traders can enter a long position.

To manage risk, it is recommended to place a stop loss below the lower Bollinger Band. This helps protect against significant losses if the trade goes against the trader’s expectations. Additionally, traders can set a fixed profit target or close a portion of their position and move the stop loss to break even when they receive a minor sell alert from the Ultimate Indicator.

Short Trades (Selling)

For short trades, the presenter advises looking for the Fibonacci Ballinger Volume Weighted Deviation Indicator to dive below the lower band. Simultaneously, traders should wait for the Ultimate Buy and Sell Indicator to give a sell signal. When both indicators confirm a short trade, traders can enter a position.

To manage risk, it is recommended to place a stop loss above the upper Bollinger Band. This helps limit potential losses if the trade moves against the trader. Similar to long trades, traders can set a fixed profit target or close a portion of their position and move the stop loss to break even when they receive a minor sell alert from the Ultimate Indicator.

Choosing the Right Broker

The presenter also recommends using a broker with zero spreads, such as IC Markets, to avoid getting stopped out by spreads. By choosing a broker with zero spreads, traders can ensure that their trades are executed at the desired prices without incurring additional costs.

In conclusion, the new indicator combo introduced in the video by Power of Trading on TradingView offers traders a powerful tool for scalping trades. By combining the Ultimate Buy and Sell Indicator with the Fibonacci Ballinger Volume Weighted Deviation Indicator, traders can gain valuable insights into the market and make more informed trading decisions. Remember to always manage risk and choose the right broker to optimize your trading experience.