As retail traders in Bursa Malaysia, before taking our position we must make sure that the chart we chose is an uptrend counter. So this indicator can assist us to identify whether the chart is an uptrend or downtrend.
This indicator consist of 3 "ribbon" 🔰 First one is the combination of ema5 and ema10. > lightest green when ema5 > ema10 > lightest red when ema10 > ema5
🔰 2nd Ribbon, combination of ema30 and ema50 > light green when ema30 > ema50 > light red when ema50 > ema30
🔰 3rd Ribbon, combination of ema70 and ema90 > dark green when ema70 > ema90 > dark red when ema90 > ema70
🔰 Ribbon also act as support and resistance > We can use it to enter a trade when it retraces and "rests" on 1st or 2nd Ribbon
🔰 Blue Dot > Blue dots = ema20 > When the candle drop below the blue dot, please take extra caution when you want to enter/hold your trade.
How to Use : ✅ Only enter a trade when all ribbons are green ✅ Do not take a position when candles are far from 1st Ribbon ✅ When the candle retrace inside Ribbon 1 or 2, do can monitor closely to enter BUY position. - Please consider other factors such as volume, SnR, and RSI
Example : Strong Uptrend Counter ( All Ribbons are green )
Strong Downtrend Counter ( All Ribbons are red )
Counter that has the potential to change from Downtrend to Uptrend
Other Info from this indicator - Green candle is a breakout candle. When candle breakout the highest previous 5 candles with volume is higher than the previous 5 volume - Table information : Volume, Value = Volume x Price
✅ Please open as many charts as possible and see how this ribbon shape reacts. Some ribbons will look steep and others are a bit sloping