Howdy, Stranger!
Categories
- All Categories
- 2.2K StockCharts
- 392 SharpCharts
- 149 Other Charting Tools
- 58 Saved Charts and ChartLists
- 1.4K Scanning
- 67 Data Issues
- 162 Other StockCharts Questions
- 214 Technical Analysis
- 154 Using Technical Analysis
- 2 InterMarket and International
- 19 Market and Breadth Indicators
- 39 Market Analysis
- 100 Trading
- 100 Trading Strategies
- 161 S.C.A.N the StockCharts Answer Network forum
- 66 Using this StockCharts Answer Network forum
- 95 s.c.a.n. archives
- 17 Off-Topic
- 10 The Cogitation & Rumination Emporium
- 7 Forum Test Area
New Members: Be sure to confirm your email address by clicking on the link that was sent to your email inbox. You will not be able to post messages until you click that link.
Options
Weekly monthly daily pivot crossovers
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?
Day Trades:
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.
Entry:
#1 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.
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?
Day Trades:
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.
Entry:
#1 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.
0
Comments
If you want to scan for these situations, you would need to redefine them in terms of some indicator, or combination of indicators, listed in that drop down.
Basically, the approach you describe relies on a convergence of time frames. One thing you might try (on a chart first) is using Stochastics of several different lengths so maybe 10 days (two weeks), 21 days (a month) and 63 days (a quarter). When all three get below 20 at the same time it can be a significant bottom. If that occurs when you get your Pivot Point convergence, it might be a reasonable substitute.
Test test.