CoinSpeech has gathered essential highlights from Carl Runefelt’s latest video. Dive into his effective 5-minute scalping strategy and explore new trading techniques. You can find Carl Runefelt’s video embedded below.
Port of Entry: Setting Up on Bybit
In this video, Carl outlines a clear path to not only develop a scalping strategy but also to get started on Bybit. He urges viewers to, “click on asset in the top right corner and then click deposit,” making the onboarding process straightforward. For those who use his link, there’s an attractive bonus: “with my link, you can get up to $50,000 in bonus.” This forms the foundation of trading by showing the basic steps of setting up and navigating the platform.
Your Dashboard: Essential Preparations
The process continues with essential preparations for derivatives trading. Carl provides a step-by-step guide: “click over here on derivatives at the top of your menu bar, click on USDT perpetual, and it will take you to the corresponding trading interface.” He elaborates further on the intricacies of selecting assets and setting up order types, which are vital for the actual execution of the trades.
Toolkit: Indicators You Need
Carl’s strategy hinges on two significant indicators found on TradingView. Start by selecting your trading pair and timeframe: “click here and choose the 5-minute time frame for the best results.” For the first indicator, he recommends, “type multiple EMA and select this one here,” explaining how to adjust its settings. The second indicator to use is, “type Ballinger Bank stochastic RSI extreme signal and select this one here,” and Carl even provides specifics on how to tweak the parameters. These indicators, when set properly, are designed to provide accurate trade entries.
Precision Entry Points for Long Positions
Understanding when to enter a trade is crucial. For long positions, Carl suggests waiting for specific indicators: “wait for the market to cross all the EMA lines in a downward direction.” Once a green signal appears, and if the lines have considerable spacing, it’s time to act. Setting precise stop losses and profit targets is important, and as Carl advises, “exit your position once the market hits this green line or the 20 EMA.”
Executing Short Positions
The strategy for short positions mirrors that of long positions, with an inverse approach: “wait for the market to cross all the EMA lines in an upward direction.” Sellers should look out for a red signal, ensuring the gaps between lines are adequate. Carl meticulously explains, “set your stop loss above the recent high of the previous candle and to take your profit you should exit your position when the market touches any of the EMA lines.”