mohanee

Golden Triangle Strategy

Golden Triangle strategy setup is a variation of the buy-the-dip strategy, by Charlotte Hudgin.
You can find the detailed explanation here by Thomas N. Bulkowski http://thepatternsite.com/GoldenTriangle...

BUY
===
1. price should be trading above sma50
2. when it touches sma50 first time , check the starting rallypoint of where it initiated
3. from the above point to current close , see if you have white space , then draw the triangle
4. then check for volume confirmation ( current volume should be greater than last 4 ) --- I have slightly changed this to fit into hourly strategy by adding condition close>vwap

EXIT
====
1. Exit when close crossing down sma50 with at least 2% profit (slightly modified original condition)

StopLoss
========
2. stop loss is set to 6%


Warning
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For the use of educational purposes only
Release Notes: 1. I have added "Show All Triangles" parameter --- by default this is turned OFF. what does this mean if a LONG position is taken , next possible Trinagle is not drawn on the chart. If you want to see all Triangles irrespective current LONG position , please check it ON

2. Exit Rule has been modified --- Earlier exit rule was close crossing down sma50 with at least 2% profit. Now it has been modified to EXIT when VWAP is crossing down sma50 . This modification has increased the performance , profit factor and decreased number of Bars

3. I have also noticed that for growth stocks/FAANG , increasing the stop loss to 8% will keep you in trade to achieve better profit factor. I tested it for AMZN and AAPL on hourly chart
Release Notes: > Trailing stops has been added ... strategy uses this for Long entries , only when Trend is Up
> Risk capital parameter has been added ... to find out the quantity of units to be purchased based on stop loss units
> initial stop loss line has been added ... purple color line

>comments added in entry and exit ... shows the stop loss value on entry and shows the profit point at exit

> Background color is changed , if the trade is in long position
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Comments

Great work: Eager to see Sell only or Buy/Sell script.
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i have tried to add alerts, but it didnt work. Any suggestion?
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mohanee luckyhithasri
@luckyhithasri,
when you click the alert icon on TradingView , from the condition dropdown list , select the strategy name. select expiration time to future date and check email option.
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@mohanee, i added an alert in the tradingview, but alerts are not coming through..
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mohanee luckyhithasri
@luckyhithasri, Do you see any alert on the chart ? which symbol you are checking ? what is the time frame ?

if you see alert on chart and you did not receive email notification , may be you need to talk to TradingView support.
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do U have something precise like that but for 5 min intraday scalping?)
Nice script, TY!
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mohanee mrgr888n
@mrgr888n, I have only tested on hourly chart for stocks. You can change different time settings and see if it shows good results ...
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Great script! Thanks for sharing! This reminds me of another uncommon Japanese triangle analysis method: the elimination point. Some people call it a mysterious black hole.
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