Hello friends, I have been researching a lot and stumbled upon this idea on tradingview from a gentleman named chris.
The who idea is to find indexes/stocks which have close weekly daily and monthly support and resistance zones and based on that you can decide to go long or short. It sounds like a great idea but not sure how to scalp through all the stocks which are meeting this criteria. Any help on this please?
I used Intra-Day Chart with Daily, Weekly, and Monthly Pivots. What I looked for is a Daily Pivot Level that was at or near a Weekly Pivot Level, And/Or Monthly Pivot Level. When the different time frame Pivot levels “Over Lap” which I call “Laminated” Support or Resistance, price has a higher probability of bouncing off those levels. You can see in the chart above that the Monthly Pivot levels work by themselves, the Weekly Pivot levels work by themselves, and the Daily Pivot levels work by themselves….But not 100% of the Time. Therefore being PATIENT and waiting on Pivot Levels that have Daily and Weekly or And/Or Monthly pivot levels in the same place gives us a higher probability of Price reversing.
I wait for Price to reach the “Laminated" Support or Resistance as mentioned above. #2
I Enter once the Heiken-Ashi Paint Bars change colors moving in the expected Direction. #3
Stop is placed right Above or Below the recent Swing High or Low. This creates a Low Risk High Reward Scenario.