Connors RSI Scalping Strategy – Presented on Trading View

The Connors RSI Scalping Strategy combined with the Wave Trend indicator offers a dynamic approach to capitalize on short-term price movements in highly volatile markets such as Bitcoin, Nasdaq 100, Oil, and Gold, utilizing the TradingView platform. Here's a breakdown of the strategy.

Strategy Setup:

Time Frame: 3 minutes.

Currency Pairs: Opt for very volatile pairs like Bitcoin, Nasdaq 100, Oil, and Gold.

Indicators TradingView: Utilize the Wave Trend and Larry Williams RSI 2-Scalping Strategy.

Wave Trend: For timing trend momentum.

Larry Williams RSI 2-Scalping Strategy: To gauge market strength.

Trading Rules:

Buy

Look for a Connors RSI buy arrow alert.

Ensure the Wave Trend indicator below the main chart displays a green dot, signifying an uptrend momentum.

Sell

Identify a Connors RSI sell arrow alert.

Confirm the Wave Trend indicator below the main chart shows a red dot, indicating a downtrend momentum.

Money Management

Apply one of the following strategies:

Fixed Percentage: Allocate 2% of your capital per trade.

D'Alembert, Oscar Grind, Kelly Criterion: Tailor your risk management strategy based on these methodologies.

Exit Position:

Profit Options: Aim for quick profits, depending on the pair's volatility.

Consider taking profits swiftly as per your predefined pip target.

Alternatively, exit when the opposite signal appears or when the stop loss ratio reaches 1:0.9-1.1.

Stop Loss: Set stop loss between 8-15 pips relative to the currency pair to manage downside risk effectively.

In essence, this strategy is geared towards exploiting short-term price fluctuations in highly volatile markets. It emphasizes quick decision-making, precise entry and exit points, and disciplined risk management. By combining the Connors RSI indicator with the Wave Trend for timing, traders can potentially capitalize on rapid price movements with controlled risk.

Download

https://drive.google.com/file/d/1xXpg8kvmdDLQkOpI-Xo8AwwwtZYWlBg1/view?usp=sharing

Larry Williams RSI 2-Scalping Strategy (This indicator has no public code.)

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