Highly effective trend reversal setup
I have been experimenting with this setup and it has been highly effective. I am using the following indicators:
1. Hieken Ashi candles
2. 7 EMA line with Smoothing Line (by TradingView)
3. Chandelier Exit (by everget)
^^^top pane
4. Hull Moving Average (by mohamed98)
5. VWAP (by TradingView)
6. Rolling VWAP (by TradingView)
^^^bottom pane
Notes:
(2) the EMA and Smoothing lines need to cross
(5) (6) The VWAP and Rolling VWAP lines crossing are also effective but are last option/priority
You need to have several of these confirmed--don't just get excited if you see one signal. The most important signals are in the top pane. You absolutely must have the Chandelier Exit signal, the EMA and Smoothing lines crossed, Heiken Ashi candles changing color, and the Hull MA changing color. I recommend at least the first three with the Hull MA your last confirmation. After these, then you can confirm with VWAP and RVWAP lines crossing but these are least important.
Exiting your position:
If you enter on the 30m chart then you should exit on the 30m as well. However, another option is if you enter using the 30m candles then you can consider exiting by using the next signal on the 15m candles to exit 50% of your position and reconsider entering again if the market turns back in your favor. There may be other ways to enter and exit that you develop.
This combination of trend reversals signals is great because not only are they effective, they can guide you to determining if you should stay in a position rather than just exiting based on some arbitrary 'take profit'. Entering and exiting is one thing, but know whether to stay in a position is another thing and this setup does everything.
1. Hieken Ashi candles
2. 7 EMA line with Smoothing Line (by TradingView)
3. Chandelier Exit (by everget)
^^^top pane
4. Hull Moving Average (by mohamed98)
5. VWAP (by TradingView)
6. Rolling VWAP (by TradingView)
^^^bottom pane
Notes:
(2) the EMA and Smoothing lines need to cross
(5) (6) The VWAP and Rolling VWAP lines crossing are also effective but are last option/priority
You need to have several of these confirmed--don't just get excited if you see one signal. The most important signals are in the top pane. You absolutely must have the Chandelier Exit signal, the EMA and Smoothing lines crossed, Heiken Ashi candles changing color, and the Hull MA changing color. I recommend at least the first three with the Hull MA your last confirmation. After these, then you can confirm with VWAP and RVWAP lines crossing but these are least important.
Exiting your position:
If you enter on the 30m chart then you should exit on the 30m as well. However, another option is if you enter using the 30m candles then you can consider exiting by using the next signal on the 15m candles to exit 50% of your position and reconsider entering again if the market turns back in your favor. There may be other ways to enter and exit that you develop.
This combination of trend reversals signals is great because not only are they effective, they can guide you to determining if you should stay in a position rather than just exiting based on some arbitrary 'take profit'. Entering and exiting is one thing, but know whether to stay in a position is another thing and this setup does everything.
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