NY First Candle Break and Retest

Strategy Overview

Session and Time Parameters:
The strategy focuses on the New York trading session, starting at 9:30 AM and lasting for a predefined session length, typically 3 to 4 hours. This timing captures the most active market hours, providing ample trading opportunities.
Strategy Parameters:

Utilizes the Average True Range (ATR) to set dynamic stop-loss levels, ensuring risk is managed according to market volatility.

Employs a reward-to-risk ratio to determine take profit levels, aiming for a balanced approach between potential gains and losses.

Strategy Settings:
Incorporates simple moving averages (EMA) and the Volume Weighted Average Price (VWAP) to identify trend direction and price levels.
Volume confirmation is used to validate breakouts, ensuring trades are based on significant market activity.

Trade Management:
Features a trailing stop mechanism to lock in profits as the trade moves in favor, with multiple take profit levels to secure gains incrementally.
The strategy is designed to handle both long and short positions, adapting to market conditions.

Alert Settings:
Provides alerts for key events such as session start, breakout, retest, and entry signals, helping traders stay informed and act promptly.
Visual cues on the chart highlight entry and exit points, making it easier for beginners to follow the strategy.

This strategy is particularly suited for the current volatile market environment, where simplicity and clear guidelines can help beginner traders navigate the complexities of trading. It emphasizes risk management and uses straightforward indicators to make informed trading decisions.

I put together this Trading View scalping strategy for futures markets with some help from Claude AI. Shoutout to everyone who gave me advice along the way—I really appreciate it! I’m sure there’s room for improvement, so feel free to share your thoughts… just go easy on me. :)