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- Once you're on TradingView, open the chart of the asset you want to analyze.
- Go to the "Indicators" menu at the top of the chart and click on it.
- In the search box, type "TotT - Trend Buddy" and select it from the list to apply it to your chart.
- Your chart will now display colored bars based on the analysis of the current and past price action.
- Look for different colors which represent different market conditions:
- Gold bars may indicate a strong move upwards, known as a breakout.
- Magenta bars could suggest a strong move downwards, called a breakdown.
- Orange bars might signal a possible pivot point where the price could be preparing to change direction.
- Other colors will appear based on various conditions that the indicator calculates.
- Pay attention to a series of gold bars as this could be a sign of a continuing upward trend.
- If you see a series of magenta bars, the market may be trending downward.
- Orange bars or other pivot-related colors can mean potential reversal points, suggesting caution or a change in the trend.
- Use these color signals to help decide if it's a good time to enter or exit a trade, always considering the context of the overall trend and other indicators you might be using.
- If you find the chart too cluttered or wish to focus on specific signals, you can adjust the settings.
- Right-click on the chart and choose "Indicators." Then find "TotT - Trend Buddy" in your list of applied indicators and click on the settings icon.
- Here you can toggle certain features on or off, such as highlighting high points in the market.
- Remember, no indicator is perfect. Use the "TotT - Trend Buddy" as one tool in your trading toolkit.
- Consider the bigger market picture and other indicators to confirm any signals you get from "Trend Buddy."
- Always be aware of economic news or events that might affect the asset you're trading, as these can override any technical indicator signals.
- Before making any real trades based on this indicator, watch how it behaves over time. See if the color changes precede actual market movements.
- Once you're comfortable interpreting "TotT - Trend Buddy" signals and they seem to align with market movements, you can start incorporating them into your live trading strategy.
- Set up alerts for color changes to get notified of potential trades if your platform allows it.
- Always cross-verify the signals with your analysis or other indicators.
- Keep a trading journal of when the indicator gave you a signal and what happened next to refine your understanding of its effectiveness.
- Stay disciplined with your risk management, no matter what the indicators suggest.