AI Jobs Manager

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  "transcribedText": "In this video, I will show you a new and highly effective trading view indicator you haven't seen before. This tool shows absolutely amazing results on all markets and is suitable for scalping. I will also build and backtest a trading strategy with this indicator so that you can follow it right away and make good profits. For my backtesting, I will set the initial account size at one thousand dollars with one to one and a half risk reward ratio and two percent risk per trade. I'm gonna be backtesting this strategy on a GBPJPY on a fifteen minute time frame. Okay. Now let's click on the indicator tab and search for pivot high slash low analysis forecast by LuxAlgo. Make sure you save this indicator to your collection. This indicator returns pivot points high slash lows alongside the percentage change between one pivot and the previous one and distance between the same type of pivots in bars. The indicator also returns an estimate of the future time position of the pivot points. This indicator can provide information helping the user to infer the position of future pivot points. This information is directly used in an indicator to provide such forecasting. It is also common for analysts to use pivot points for the construction of various figures. Getting the percentage change and distance for each pivot point can allow them to eventually filter out points of non interest. If we access the indicator settings, we can see that in the input section, the length is set at fifty. Depending on your trading strategy, you can enable or disable this option. In the star section, we also got some options that we can enable or disable. So let's actually untick these tables as we're not gonna need them. Now let's actually understand how this indicator works in practice. Notice we've got two horizontal lines on our chart. The red one indicates the resistance, the green one indicates the support. And we've also two vertical lines, and these are the time estimates when the price action is supposed to hit the bottom and the top of these horizontal lines. For example, a vertical red line indicates that the price action is expected to reach this horizontal green line right at this time. And as we can see, the prediction was pretty accurate. A vertical green line though indicates that the price action is expected to reach the top right at this time. Obviously, not all the predictions are one hundred percent accurate, and that's the reason we're not gonna be using the forecast for our strategy. Our strategy will be entirely based on these horizontal levels. Okay. Now let's actually understand the whole concept behind this strategy. First of all, we're gonna be using these two lines to identify the levels of support and resistance. More often than not, the price action will not respect these levels. But when it does, the chances of successful entry are really high. So here are the rules for entering a long position. First, we want to wait for the price action to pull back into this green horizontal line, which is our level of support. The candlestick does not have to close below the line. It can only touch it with a wick. Second, we need to have a bullish engulfing candlestick that is formed right after this bearish candlestick. A bullish engulfing candlestick always must appear after a bearish candlestick. By the way, if this bearish candlestick is not touching the level of support but the bullish engulfing candlestick is, this is still considered as a valid long entry. Our stop loss will be placed slightly below the level of support, and we're gonna be targeting one and a half times the risk. Okay. Let me give you another example. We see the price action is moving towards this level of support. And we finally have a bearish candlestick that touched the line. Okay. Here we can see that the bullish engulfing candlestick is formed and the rules for entering a long trade are valid. Okay. Here is an example where you wouldn't have entered a trade. So we see that we had a bearish candlestick formed, but the price action actually crossed and closed below the level of support. So in this case, a long signal is not valid even though we have a bullish engulfing candlestick. The price action must respect this level of support and bounce off of it. Okay. Now let's understand the rules for entering a short position. First, the price action must touch this horizontal red line, which is our level of resistance. The candlestick that touches the level of resistance can be bullish, bearish engulfing or both. Also remember, the price action does not have to cross and close above the level of resistance. So in this example, we see that the bullish candlestick is touching the red pivot and then a following candlestick is bearish and it's engulfing, which means that its body is bigger than the body of the previous bullish candlestick. A sell order will be placed at the close of our trigger candlestick, our stop loss will be set slightly above the level of resistance, and we're gonna be targeting one point five times the risk. This strategy can be extremely effective if used correctly. So to understand it better, make sure you watch all of the examples I'm about to show you. So here we see the wick of the bullish candlestick is touching their level of resistance. The very next candlestick is bearish. However, if we take a look at its body, we see that it's equal to the body of the previous bullish candlestick. This means that the selling pressure is not strong enough for us to enter a short position. We see the price action would have reversed and hit Astoplos. Here's another example where you wouldn't have taken a short trade. Here we see the price action did not quite respect the level of resistance and it crossed and closed above it. This means that the conditions for our strategy are not met and we cannot take this short trade. We see how well the market proved that this level of resistance wasn't strong enough and the price simply carried on moving upwards. Okay. Let me give you a couple more examples. So here we see we had a pullback into our support level, but the price did close below it. So in this case, we want the price action to rise and then touch the support level again. Okay. We see it did touch the level of support and we have a bullish engulfing candlestick. So this means that we can enter a long position. Okay. We see this trade turned out to be successful. Here we have a bullish candlestick that touches the resistance level. And we have a valid short entry. As we can see traders, this strategy is not that complicated. Okay. Now let's do our back testing with the goal to find out what the true win rate for this strategy is. Okay. So after one hundred trades, we can see that the win rate for the strategy is incredible. It's sixty eight percent and we increased our account size by two hundred and ninety point ninety nine percent. The equity curve looks really stable and the maximum drawdown for the strategy was six point nine percent. The profit factor is three point nineteen which is ideal for scalping. We had twelve consecutive wins against three consecutive losses. This basically tells us that the strategy is really profitable and we should definitely forward test it with the paper money. If you want to improve the strategy even more, you can try test it during trading sessions. There is a good indicator called sessions on chart. So what you basically want to do is to first enable only London and New York sessions. And now you're gonna be basically taking trades only during these sessions. And once you back tested this strategy on these sessions, you can move on to the Tokyo and Sydney. We can see that the price action is mainly ranging at these times because notice that the price is not even touching these pivot points during these sessions. Okay traders, thanks for watching this video. I hope you found it useful. By the way, if you want to see my collection of the best trading view indicators, check out this playlist right here."
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