NEW SCALPING TRADING STRATEGY PROVEN TO MAKE MONEY AGAIN AND AGAIN [5 Minute Scalping Strategy]

in today's video I'm going to show you a new scalp and trading strategy that will change your life this five minute scalping strategy can be used on stocks Forex and crypto I'll show you examples of this trading strategy working on all of them so make sure you watch till the end all right nothing in this video is financial advice it's all for informational purposes only first we're going to go into tradingview.com that's a platform that I use for charting and all three of these indicators are absolutely free all right this is what your chart is going to look like when it's done so let's go ahead and X out so I can show you how to set up the chart and make the changes to the settings and uh we'll get started all right so three indicators needed for this so the first indicator you're gonna add is called the Nat array Watson envelope by Lux algo this one is completely free add it and we're gonna make some changes to this click on settings right here in style we're going to get rid of labels and the tables in inputs we're going to change the colors both to Yellow all right and this was a strategy that I recently discovered on another channel so I just wanted to share it with you guys I thought it was pretty cool so all right so this is done right here click ok then the other other two indicators we're gonna add the next one is going to be the ATR stop loss finder by very fid all right add that we're gonna make some changes to that one as well go into settings and here we're going to do the multiplier instead of 1.5 we're going to change this to 0.5 okay click ok the next and the third free indicator we're going to add is the RSI okay the relative strength index go ahead and add that and then we're going to go into the settings for the RSI as well and then the RSI length we're going to change to five so instead of 14 we're going to use the five and in styles we're going to remove the RSI based ma don't need that and we're also going to get rid of the middle band we're not going to be using that as well okay all right now our setup is complete this is what our chart is going to look like so what exactly is this five minute scalping strategy right so when you're looking for long positions you want first off you know this channel that this creates right this envelope that that's the first indicator you want to wait until the price action goes outside of it okay so for instance if you're looking for a long position you want the price action to go outside of the bottom bottom line and then get a green green candle that's going to be your trigger candle it's going to be that's that's where you want to get in is at the end of the green candle and at the same time for confirmation you want to make sure the RSI is oversold okay it's underneath the 30 line okay it's it's at the bottom it's below the 30 level so for instance this would this would be a trade that would uh that would work out well because you've got the price action it goes It goes outside of the channel right the RSI is below the 30 level you get a green bar coming in and that's so you'd get in at there so long position get in at the end of this candle the stop loss would be at the ATR stop loss line at the bottom okay and we're gonna go for one to one and a half risk to reward and this would have this would have hit in just a few candles right in 15 minutes this would have hit so that would be an example of a long trade for the short trade you want the exact opposite all right so here's here's another and I'm going to show you guys a bunch of examples so make sure you do watch till the end right so here's here's another example that that works out really well for a long trade price action goes down you've got the RSI in oversold territory right below the 30 you get a green candle uh or you get a green candle you get in at the end of that candle you put your stop loss and you put your stop loss at the ATR right one to one and a half boom this would have hit in the very next candle just chomped up right uh but let's let's let's look at a short trade so all of this is within within within within within all right so here we go here's a short example and here's another short example and here's a long example you see how accurate this thing is it's ridiculous all right so for instance this one the price action goes outside of this channel you get a red bar to come back in and the price action right here the RSI is in overbought territory right it's above the 70 Line over here so if you were to get in here but your stop loss at the ATR ATR line one to one and a half and this would have hit take profit right there here's here's an example of another long trade that would have worked out pretty well because it was below the below the 30 level right here price action goes below the line below the envelope right you get a green you get a green candle get in at the end of the green candle so stop loss at the ATR line to one to one and a half boom again short example right here price action goes outside of this channel you get a red line coming back in getting at the end of that candle stop loss up there one to one and a half and there we go foreign so this was you know I was showing you guys these examples on the Spy right on the 500 chart regular you're using regular candles so this is the S P 500 ETF I know a lot of people keep asking hey can can this stuff work on Forex can this work on uh crypto so let's let's look at some examples of that real quick so for instance let's go into let's go into crypto let's look at eth right uh let's go live right now this is what the Market's doing oh this would have been a great setup right here so check this out the price action just a little while ago went outside of this channel then you get a red then you get a red candle coming back in so if you were to take a short position at the end of this candle set your stop loss at the ATR line right and you do one to one and a half yeah that would have had that would have had take profit right there right and then for the long position that I guess happened earlier earlier in the day today as well where the price action was going down it went outside of this Channel at the bottom you've got this below below the 30 line right so those those two um rules you know hit you get a green candle you get in at the end of that candle and put your stop loss right here at the ATR line one to one and a half and it would have hit during this candle all right so that's that's some examples for some crypto scalping let's take a look at Forex let's look at the gpe GBP USD let's go live again um yeah that didn't go outside of this channel even though this was over overbought it did not go outside so I would not have gotten in right there this would have worked right here because you've got price action that went outside this channel you've got stuff that's below the RSI is below the 30 line see if this was to work get a green candle get in set the stop loss at the ATR line one to one and a half right I would have hit right there so as you can see you know this it's all three of these indicators are free by the way so you can you can go to tradingview.com and add these to your charts absolutely free but if you guys are looking for an amazing premium indicator I personally use Lux algo premium and for my trading and I absolutely love it I highly recommend Lux algo premium I've got a I've got a link in the description below for it as well so uh make sure you do check it out and let me know what you guys think and if you guys have enjoyed this video so far please comment below with a boom and hit that subscription button hit that like subscribe to this Channel and uh don't forget to hit the Bell so you don't miss out on any of my future videos and if you're curious to see exactly what trades I'm actually making like this great this trade that I just posted recently that got a 90 return be sure to check out my free telegram Channel and join my all access patreon links for those are in the description below as well now now go ahead and click on one of my other videos to learn some more awesome trading strategies using some of the best trading view indicators I will see you on the next one

Channel: My Trading Journey

Views: 546,558

Keywords: best tradingview indicator, best tradingview indicator for scalping, scalping trading, scalping, scalping trading strategy, scalping strategy, scalping crypto strategy, trading strategy for beginners, best scalping strategy, simple trading strategy, best scalping trading strategy, profitable scalping strategy, best indicator for scalping, 5 minute scalping strategy, best 5 minute scalping strategy, forex scalping strategy, stock scalping strategy, crypto scalping strategy

Id: Olb47nBRSSo

Length: 10min 30sec (630 seconds)

Published: Fri Sep 09 2022