Price action: Double top/bottom Strategy

This trading strategy is not specified as the provided TradingView script input is "-1", which does not relate to any known trading strategy or script code.

To trade this strategy manually on TradingView, analyze market patterns, identify tradeable trends and ranges, and establish your own rules for entering and exiting trades based on the measurable variables such as price action, volume, indicators, or fundamental events. Without the exact script details, it is not possible to give the precise indicators or calculations.

The Price action: Double top/bottom Strategy focuses on identifying trend reversals through 'M' or 'W' shaped chart patterns. To enhance this strategy manually, several steps can be taken:

• Refine Pattern Identification: Beyond the basic recognition of 'M' and 'W' shapes, incorporate additional technical indicators like the Relative Strength Index (RSI) or Moving Average Convergence Divergence (MACD) to confirm the reversal signals. An overbought RSI near a double top or an oversold RSI near a double bottom can improve trade entry accuracy.
• Incorporate Volume Analysis: Validate the patterns with volume analysis. A genuine double top should have declining volume on the second peak, while a double bottom should show increasing volume on the second trough. This confirmation increases the likelihood of a successful trend reversal.
• Implement Fibonacci Retracement: Use Fibonacci levels to identify potential support and resistance around the pattern formations. For a double bottom, a retracement back up to the 0.618 level might act as a resistance-turned-support zone, providing a stronger case for entry.
• Optimize Entry Points: Wait for a break and close beyond the neckline of the 'M' or 'W' pattern before entering a trade to avoid false breakouts. This could mean a delay in entry but a higher probability of success.
• Enhance Exit Strategy: Instead of a fixed percentage, consider using a trailing stop loss that adjusts with the market movement to lock in profits while letting winners run. Maintain a flexible approach to target profits by scaling out of a position – take partial profits at predetermined levels while letting the remainder of the position ride the trend further.
• Pattern Size and Timeframe: Bigger patterns forming over longer timeframes tend to yield more reliable signals. Be selective with the patterns you trade and consider the context in which they form.
• Backtesting: Manually backtest the strategy on historical data to refine entry and exit criteria based on past performance, which can help in forecasting potential performance and in setting realistic risk-reward parameters.
• Market Context: Always consider the overall market context when evaluating pattern significance. A double top in a strong uptrend or a double bottom in a strong downtrend may be less meaningful.

This strategy suits traders who favor a technical analysis approach, specifically those with an affinity for price pattern recognition and reversal strategies. Suitable for both day trading and swing trading styles, it demands vigilant market observation and a strong grasp of charting techniques. Ideal candidates for this strategy would include:

• Swing Traders: Who can capitalize on the larger price movements over several days or weeks that double tops and bottoms may indicate.
• Day Traders: With the acumen to spot and react quickly to these patterns as they form within shorter intraday timeframes.
• Risk-Averse Traders: Who prefer clear and structured entry and exit points, as this strategy provides the opportunity to set well-defined stop loss and take profit levels.

Irrespective of trading style, users of this strategy should be comfortable with active management of trades and the potential for frequent adjustments based on price movements.

• Strategy Essence: Capitalizes on 'W' and 'M' shaped double bottom and double top patterns, indicating bullish or bearish reversals, respectively.
• Execution Method: Can be automated using scripts, but proficiency in manual trading allows for discretionary decision-making based on pattern confirmation.
• Pattern Confirmation: Enhance pattern spotting with technical indicators such as RSI and MACD for improved entry precision.
• Entry Points: Confirm trades by waiting for a price closure beyond the pattern's neckline to minimize false breakouts.
• Volume Analysis: Leverage volume trends to confirm the strength of the observed pattern, with high volume supporting the price movement's authenticity.
• Risk Management: Adjust stop loss and profit targets dynamically, utilizing percentages or trailing stops for flexible protection and profit-taking.
• Backtesting: Manually backtest historical data to refine the approach and improve future performance predictive accuracy.