Possible Turnaround Indicator Signal Indicator Oversimplified
Many are looking for when BTC will turn around for the next leg up and I have a coincidence here while looking around in the Templates. I selected this one titled "Bill Willliams 3-lines". What it is is 3 MA's and I found the 13 most useful on 30 minute candles. The MA's all have offsets and the 13 is set at 8 offset and source close.
So why do I think this is a significant tool? I was noticing a very gallant recovery try that I was trading in and failed at about 5:30am - New York to break the 36000 level. Volume was coming up and then it died off and I was noting when I found this template early this morning the price action was sliding down this 13 MA. Since then every turnaround attempt has failed to meet that line. Wish I would have sold right there but I took a little loss instead. I cannot predict but you may figure out by your own analysis the value in this tool. What may work is that when significant candles break the special 13ma then you have the signal??? What also may work is that when it significantly exceeds the line by a candle you might have a time saving tool that tells you the trend is reversing and now it is time to look for an entry somewhere. I am just sitting back and doing some other things waiting to test. I hope it works for you.
So why do I think this is a significant tool? I was noticing a very gallant recovery try that I was trading in and failed at about 5:30am - New York to break the 36000 level. Volume was coming up and then it died off and I was noting when I found this template early this morning the price action was sliding down this 13 MA. Since then every turnaround attempt has failed to meet that line. Wish I would have sold right there but I took a little loss instead. I cannot predict but you may figure out by your own analysis the value in this tool. What may work is that when significant candles break the special 13ma then you have the signal??? What also may work is that when it significantly exceeds the line by a candle you might have a time saving tool that tells you the trend is reversing and now it is time to look for an entry somewhere. I am just sitting back and doing some other things waiting to test. I hope it works for you.