My Trading JourneyA YouTuber shows a new secretive indicator for five minute scalping, demonstrating how to use it to filter out false signals in TradingView charts.
Introduction: Discovering a Secretive Indicator for Five-Minute Scalping
As traders, we are always looking for effective strategies and indicators that can help us make good trading decisions. In this video, the host introduces a relatively new indicator called the V-E-N-K-Y Venky’s scalping signals, which is highly accurate and great for five-minute scalping. He also reveals a second important indicator called the Williams percent, and explains how to use these indicators to filter out bad trades and increase the win rate. The host uses TradingView platform to demonstrate how to set up these indicators, and offers a disclaimer that none of this is financial advice, but for information purposes only. In this article, we will dive deeper into the strategy and explore how it can help traders achieve better results.
Setting up TradingView Platform for the Strategy
To set up the platform for this strategy, the host suggests moving the high kanachi and putting the candles into high kanashii mode. Then, the V-E-N-K-Y Venky’s scalping signals indicator is added to the chart. However, the chart can be cluttered and annoying, so the host recommends going to the settings and unchecking all other options, except for the entry and exit arrows and the MA trend line. This makes the chart look much cleaner and easier to read. The Williams percent indicator is also added to the chart, and the host makes some changes to it to simplify it further.
Using the V-E-N-K-Y Venky’s Scalping Signals and Williams Percent Indicators
The host shares some valuable tips on how to use the indicators to filter out bad trades and increase the win rate. The V-E-N-K-Y Venky’s scalping signals indicator shows buy and sell signals, but not all of them are accurate. To filter out bad trades, traders need to look at the Williams percent indicator, which is line that changes color based on whether the price action is above or below it. To make a buy trade, the line has to be green, and the price action has to be above it. To make a sell trade, the line has to be red, and the price action has to be below it.
Traders also need to pay attention to the slope of the line when making a trade decision. If the line is flat or trending down, it may not be a good buy signal, and if it is flat or trending up, it may not be a good sell signal. The host demonstrates some examples of good and bad trades, and advises traders to wait for confirmation from other indicators before making a trade.
Conclusion: Making Better Trading Decisions with Secretive Indicators
The V-E-N-K-Y Venky’s scalping signals and Williams percent indicators are powerful tools for traders looking for a profitable five-minute scalping strategy. By using these indicators, traders can filter out bad trades and increase the win rate. The key is to pay attention to the color and slope of the Williams percent line, and to wait for confirmation from other indicators before making a trade. Remember, this is only one strategy among many, and traders should always conduct their own research and analysis before making any trading decisions.
