One of the popular strategies for traders is swing trading. Although the go-to strategy for many is day trading, swing trading has gained popularity over the years. If you’re not familiar with it yet, swing trading requires less monitoring time compared to day trading, as it’s used for medium to long-term strategy. It can be done in various financial assets, such as forex, cryptocurrency, and stocks.

Meanwhile, if it’s your first time trading on TradingView using the swing trading strategy, there are many things you need to learn about. This includes the benefits of swing trading, which are: catching the market fluctuation within a few days or weeks, identifying the meaningful portion of the price swings, and avoiding spending time monitoring your trades.

Meanwhile, in this article, we’ll discuss some tips on how to swing trade on TradingView.

1. Understanding the Charting Tools

TradingView offers a wide range of charting features, which are helpful for both beginners and professional traders. Some of these charting features include indicators for trends, candlestick patterns, and drawing tools.

Since swing trading is considered medium to long-term trading, the daily charts and a few hours of interval are significantly helpful as the ideal timeframes. As for the drawing tools, you can rely on the trendlines and resistance or support levels to identify the right entry and exit points. Lastly, you can create the templates and save them based on your preferred setup.

2. Utilising Technical Indicators

TradingView features a lot of custom and built-in indicators, while swing trading relies on technical analysis, so it’s a great combination. However, for beginners, it’s ideal to stick to just a few indicators to avoid getting confused.

Some of the most common indicators beginners use in TradingView include:

• Moving Averages (MA)- identifying potential reversals and directions.

• Relative Strength Index (RSI)- checks whether the asset is overbought or oversold.

• Fibonacci Retracement- to predict the price level at which you may find resistance or support.

3. Setting Clear Entry and Exit Points

Identifying the entry and exit points can be a difficult task, but it’s an essential way to manage your risks effectively. Since swing trading requires a lot of time, you should be patient before achieving the results.

And to achieve better results, TradingView offers a lot of features that you can use to identify the right entry and exit points, including enabling alerts (where you can set the ideal price and you’ll get notified), and the short and long position tool (where you can plan your risk-reward ratio visually).

4. Analysing Volume Patterns for Price Movements

For the price movements, you can utilise volume patterns during the breakdowns and breakouts. Fortunately, TradingView offers indicators, such as volume profile, that can help with getting more accurate results.

Meanwhile, although swing trading requires some time, you can still find the trend even if you’re looking at a short timeframe, like an hour. In doing so, you can also utilise other indicators, such as MA, chart patterns, and trend indicators. At the same time, always confirm whether the trend is consistent even at different timeframes.

5. Backtesting and Reviewing

Before diving into the world of trading, where you’ll use real money, you should first backtest and review your strategy. One of the ways to do so is by utilising your demo account. It allows traders to test their trading strategy without the risk of using real money.

Once the trader gets the result, they can make the necessary adjustments to their strategy and test it again until they're good to go. It’s best to ensure that the strategy works all the time, so you should review it more often.

6. Using Watchlists to Stay Organised

Another helpful TradingView feature that can work in swing trading is the watchlist. If you have already identified the forex pairs, stocks, or cryptocurrency that you can trade, you can add them to your watchlist. This allows you to monitor the current condition of the instruments you’re interested in trading.

7. Staying Informed with Community Ideas and Various Perspectives

TradingView is known for its social and community features, which are a great way to ensure that each trader can learn from one another. At the same time, they can share Ideas where people can comment on, and use as a basis in developing their strategies. At the same time, you can discover various perspectives about the setup you want to incorporate into your trades.

8. Keeping Emotions in Check

No matter how hard swing trading is, you should always keep emotions in check. Sticking to your plan is one of the things you can do to keep yourself from emotional trading. Some of the mistakes traders make when they can’t control their emotions include ignoring market context, overtrading, and not using risk management tools (such as stop-loss orders).

Meanwhile, to prevent these mistakes, you should practise trading on your demo account to check your emotions depending on the results, and always keep a trading journal to reflect on your decision-making.

Final Thoughts

Swing trading on TradingView requires a lot of knowledge and experience. At the same time, you should know what and how to utilise the tools TradingView offers. By considering the tips listed in this article, you can gradually become comfortable in swing trading using the TradingView platform.