Scalping gold requires patience and clear signals. This article covers three free TradingView indicators that traders use for short-term gold trades, each with specific entry and exit rules based on candle patterns and technical signals.
Key takeaways
- Calman Trade Slave uses red arrow signals with red candles for sell entries
- RSI Trade Navigator combines price position and color highlights for confirmation
- NSDT Hammer Candle indicator uses ATR lines and green highlights for buy signals
- All three strategies use defined stop loss levels based on indicator lines or swing points
- Risk to reward ratios range from 1:1 to 1:1.5 depending on the indicator
Calman Trade Slave Indicator Strategy
The Calman Trade Slave indicator generates visual signals on the chart. For sell trades, traders look for a down red arrow signal that appears together with a red candle. This combination serves as the confirmation to enter a sell position.
The stop loss is placed at the Calman Street level shown by the indicator. The take profit target is set at a 1:1.5 risk to reward ratio. This means if your stop loss is 15 pips away, your take profit would be set at 22.5 pips from entry.
RSI Trade Navigator Indicator Setup
The RSI Trade Navigator indicator requires adjusted settings before use. This indicator shows when price is positioned above or below its line and uses color highlights to signal potential entries.
For sell signals, the market must be below the RSI Trade Navigator indicator line. You then wait for both a red highlighter and a red candle to appear together. This combination confirms the sell signal. The stop loss is placed at the previous high, and the take profit is set at a 1:1 risk to reward ratio.
NSDT Hammer Candle Indicator for Buys
The NSDT Hammer Candle indicator focuses on buy opportunities and includes an ATR (Average True Range) line. The buy signal requires three elements to align: the market must be below the indicator's ATR line, a green highlighter must appear, and a green candle must form.
When all three conditions are met, the buy signal is confirmed. The stop loss is placed at the previous low swing point, and the take profit target is set at 1:1 risk to reward. This approach keeps the risk and reward balanced for each trade.
Common Elements Across All Three Strategies
All three indicators share similar principles. Each requires patience to wait for complete signal confirmation before entering a trade. They all use color-coded candles and visual elements to make signals clear.
Stop loss placement is systematic in each strategy, either using indicator-specific levels or swing highs and lows. The risk to reward ratios are predetermined, which helps traders maintain consistency. These strategies are designed for the shorter timeframes typical of scalping approaches on gold.
Frequently asked questions
What is the risk to reward ratio for the Calman Trade Slave indicator?
The Calman Trade Slave strategy uses a 1:1.5 risk to reward ratio, meaning the take profit target is 1.5 times the distance of your stop loss.
How do I confirm a sell signal with the RSI Trade Navigator?
A sell signal is confirmed when the market is below the RSI Trade Navigator indicator line and you see both a red highlighter and a red candle appear together.
Where should I place my stop loss when using the NSDT Hammer Candle indicator?
For buy trades with the NSDT Hammer Candle indicator, place your stop loss at the previous low.
Do these indicators work only for gold trading?
While this video focuses on gold scalping, these TradingView indicators can typically be applied to other markets, though traders should test them on different instruments first.
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Full video transcript
Welcome back traders. Today in this video, you will see only gold scalping indicator strategy. First indicator, Calman trade slave with adjusted settings. Sell trade rules. A sell signal is confirmed when the Calman's trade label generates a down red arrow signal accompanied by a red candle.
Entry. Open a sell position once the red arrow with red candle signal is confirmed. Stop loss. Place it at the Calman Street level. Take profit target a 1:1.5 risk to reward ratio.
As you can see, the price hits our target for a successful trade. >> Second indicator. For this strategy, we will use the RSI trade navigator indicator. And we will adjust some of the setting. >> Sell trade rules.
When the market is below the RSI trade navigator indicator and we see a red highlighter and a red candle. This is a sell signal confirmation. This is a sell signal confirmation. Now, we take a sell trade. Stop loss.
Set it at the previous high. Take profit. Set it at 1:1 risk to reward. As you can see, we won this trade. >> Third indicator.
For this strategy, we will use the NSDT hammer candle indicator. Buy trade rules. When market below and a city hammer candle indicator ATR line with green highlighter green candle, then you take a buy trade. This is a buy signal confirmation. Now, we take a buy trade.
Stop loss, set it at the previous low. Take profit, set it at the 1:1 risk to reward. We won this trade as well. >> If you like this video, please subscribe for Exelia.
