Supertrend with TP by Furkan Sancu

This trading strategy utilizes the Supertrend indicator with multiple take profit (TP) levels and a specified date range for trade entries and exits. It enters long positions when the Supertrend turns bullish within the date range and short positions when it turns bearish, closing portions of the position at predefined profit percentages.

To trade this strategy manually on TradingView, follow these steps:

• Set up the Supertrend indicator with an ATR period of 10 and a factor of 3.0.
• Create price alerts on TradingView for the specific timings you want to trade between, for example, from "4 Jan 2002" until "31 Dec 2031".
• Watch for the Supertrend indicator to change direction within these date parameters:
  • Enter a long position when the Supertrend turns bullish (upwards).
  • Enter a short position when the Supertrend turns bearish (downwards).
• Set take profit (limit) orders for each of the TP levels you are using:
  • TP1: 2% profit level and close 25% of the position.
  • TP2: 5% profit level and close 50% of the position.
  • TP3: 10% profit level and close 25% of the position.
  • If using TP4 and TP5, set them accordingly with specified profit levels and percentage amounts.
• Close all trades manually if the current date is outside the set date range.

To enhance the "Supertrend with TP by Furkan Sancu" TradingView strategy through manual trading, reflecting on its core components and iterating on its execution can lead to more precise entries, better risk management, and potentially increased profitability. Here are key improvements that can be made manually:

• Refine Entry Signals: Rather than relying solely on the Supertrend indicator's signal flips, supplement your analysis with additional confirmation signals. These could include:
  • Price action patterns (e.g., bullish engulfing for long entries).
  • Support and resistance levels to ensure entries are not near significant reversal points.
  • Momentum indicators like the Relative Strength Index (RSI) to avoid entering during overbought or oversold conditions.
• Adjust Take Profit (TP) Levels: Static TP levels may not always align with the market's structure. Consider dynamic TP levels based on recent volatility, average true range (ATR), or significant price levels.
  • Set TP at key psychological price levels or around previous highs or lows.
  • Use a trailing stop loss to allow profits to run in trending market conditions.
• Customize Position Sizing: Tailor your position sizes based on the trade's risk profiles. Instead of a flat percentage, adjust position sizing using risk metrics like the stop loss distance to maintain consistent risk per trade.
• Incorporate Economic Calendar: Stay aware of major economic releases or events that could induce volatility, potentially warranting adjustments to your trade management or temporarily stepping aside.
• Time-based Exits: In addition to price-based TP levels, set time-based exit strategies for trades that do not reach TP levels within a reasonable period, minimizing exposure to time decay.
• Review Trade History: Regularly review past trades to identify patterns that led to losses or reduced profits. Use this information to fine-tune entry criteria, TP levels, and overall strategy execution.
• Journaling and Reflection: Maintain a detailed trading journal, including emotional state and market observations. This habit can provide insights into decision-making patterns and highlight areas for improvement.

This strategy is ideally suited for swing traders and those who prefer a semi-automated approach to trading. Swing traders often hold positions for several days to capitalize on expected upward or downward market moves. The integration of Supertrend with multiple Take Profit levels caters to traders who wish to systematically lock in profits while still riding the trend.

The strategy's backtest date range feature also makes it suitable for historical analysis enthusiasts who aim to optimize their strategies based on past performance. Additionally, with its compatibility with the Wunderbit platform, it is appropriate for traders interested in utilizing third-party automation tools to execute their trades, indicating a preference for a technologically empowered trading style.

• Strategy Essence: Utilizes the Supertrend indicator for entries, complemented by a tiered TP system.
• Operational Mode: Automatable through Wunderbit, suitable for swing traders and semi-automated trading with manual oversight.
• Manual Enhancement: Confirm entries with additional analysis, adjust TP levels dynamically, and apply strategic position sizing.
• Optimizing Usage: Review trade history for patterns, use economic calendars to foresee volatility, and implement time-based exits.
• Risk Management: Customize position sizes, apply trailing stops, and step out during uncertain economic events.
• Trader Suitability: Fits those comfortable with technology-aided strategies and traders who prefer methodical profit-taking.
• Entry and Exit: Enter based on Supertrend shifts within date range, exit via predefined TP or trailing stop for trend longevity.
• Trader Tools: Profit from using trading alerts, maintain detailed journals, and adjust TP levels according to the market structure.