Multi Timeframe EMA Golden Ropes [SOMMI 1.0 EDIT]Come and try out my famous Golden Ropes 💛💛💛💛
When a boxer is in the ring, they lean on the ropes for safety. And I provide this technique here, to you for free! 🥊 🏆
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How SOMMI uses his Golden Ropes...
It is simple 200 period EMA.
Be bullish when price is above it, and be bearish when price is below it.
This is meant to establish a bias, and not a strategy by itself.
Execution
- You can use this with a strategy such as Stochastics, RSI or MACD. 💚
- For example, when we're above the Golden Ropes, look for "dips" to buy, using your indicator 🧡
- And when we are below the Golden Ropes, look for "peaks" to sell. 💙
- Make sure you use a stop which is just beyond the Golden Ropes, if you are close to it.
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Two of my favorite scalping strategies...
STRATEGY #1:
- The market is trending one way (example: Down) and then comes back and touches the Golden Rope and holds there .
- This is a great selling opportunity, most indicators will tell you to sell at this point. Lean on the Golden ropes!
STRATEGY #2:
- The market is slowly grinding upwards and comes back near the Golden Ropes, and holds.
- Buy the dip, and put a stop beyond the Golden Ropes. 💛
BONUS!!
STRATEGY #3:
- The market has been grinding one way for a long time, on your selected time-frame. In this example, imagine it's been going up...
- It comes back towards the Golden Ropes and CUTS right through it on the downside.
- Sell through the Golden Rope, with a stop just above it.
- You MUST have a good price on this strategy, if you are too late and miss it, avoid FOMO and wait for the next trade!
🥊
