To understand completely about the LBLS indicator ,the script link is given below at the bottom.Simply click the LBLS image that will take you the latest revision.
I was going through all the time frame chart of BTCUSD to identify the right entry.
Currently I think BTCUSD will have a minor retracement here to retest the level before taking off to our predicted move.
There is no myth to use several indicator to be good trader ,Use simple and effective Indicator of your choice which can help getting the right spot to trade and invest.Whatever it may let it be very simple to use.
with the help of LBLS indicator , i check three basic yet effective rules for Entry.
Make sure the candle color transitioned from Black to Blue / Red to Green .
The Strength-meters Here is the example of Strengthmeters with Open Pine code ,it is nothing but group of top performing indicators,Used 7 indicators to predict this.Minimum 4 or above showing in charts in the current candle or within two candles in Green Color (Red for Short).
Background Color changing from Red to Green is the added advantage.
Opposite of the Long Logic's.
In General in chart we have to see a pattern the price is moving HH for Long or LL for short.
Please study the price action techniques to understand the HHHL,LLLH for predicting the market.
This is key to success in market.
The LBLS indicator analysis is one of the easiest methods to recognize the price moves and usually quite reliable.
In General no trade occurs the way we want it to touch 100% right. if we can predict entry 6 out of 10 correctly ,we will win the Game whatever be the indicator used.
MONEY MANAGEMENT is the secret to make money and create wealth over a period of time. Every drop count makes ocean ,Every right choice you make creates a Rich.
If you are winning an average of 60% of your trades with strict money management, you are going to win the Trading Game for Sure! Take out the emotion ,Practice disciplined trades.
with the rules of the indicator and price action ,This looks to be a good short at this point of time. Share your views in comments section.
- Remember for right entry point
- Remember for Stop Loss
- Remember for partial take profit
- Remember for closing the remaining profit
The Main Script behind the Analysis:
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