run on the basis of intraday range trading. Usually after daily open you look the fade whatever move happened before. by shorting R3/H3 levels or longing R3/L3. Targeting the other side of the range. This is the infamous PivotBoss level calculations and you would want to activate and turn off the normal . They use the previous days to plot the next days levels.
But what about some confirmation?
Well RafaelIzoni (who made it open source for improvement) threw together this VPTbollfib. It is price trend crossing down a fib line using as price . The beauty of this is that It will signal usually counter to current price action based on selling into uptrends or vise versa. Meaning you get signals to counter price. Which is what you might be looking for on range day trade scalps for . A wick reversal or + based signal is a very happy pairing together. And those signals are usually suitable for the target of the range you are day trading. Hourly time frame works quite well for both. And should also be on daily settings.
Special Thanks to Nanda (who published the pivotboss indicator AND) Helped to merge the scripts together.
This indicator alone is an entire trade system. already is. If you know the rules. it can be used for entries, exits, risk management to trade the range on TREND, COUNTER TREND, and BREAKOUT plays. The fibs add confirmation to the trends levels. And the VPT adds a secondary confirmation to take a trade.
Try it out. I think you will find both the levels on and the VPT signals quite suprising.
ALSO now include level 6 for breakouts
Look at the opening price for the stock/futures/commodities/currency.
There are various scenarios that can occur
Open price is between H3 and L3
Wait for the price to go below L3 and then when it moves back above L3, buy. Stoploss will be when price moves below L4. Target1 - H1, Target2 - H2, Target3 - H3
For Short Sell
Wait for the price to go above H3 and then when the price moves back below H3, sell. Stoploss will be when price moves above H4. Target1 - L1, Target2 - L2, Target3- L3
Open price is between H3 and H4
When price moves above H4, buy. Stoploss when price goes below H3. Target 1 - H5, Target 2 - H6
For Short Sell
When the price goes below H3, sell. Stopless when prices moves above H4. Target1 - L1, Target2 - L2, Target3- L3
Open price is between L3 and L4
When price moves above L3, buy. Stoploss when price moves below L4. Target1 - H1, Target2 - H2, Target3 - H3
For Short Sell
When the price goes below L4, sell. Stoploss when price moves above L3. Target 1 - L5, Target 2 - L6
Open price is outside the H4 and L4
Wait for the prices to come in range and trade accordingly.
For the 15 minute scalping side. turn on the 60minute camarilla. turns on the bollingers bands and the pivot high / low momentum arrows and scalp the bands yet be aware of the cam range
Also for those naked price action traders. leaving on the 4EMA will let you feel those pivots anyway. use the wave signals. long the bands when the come together. short them when they spread apart and use the momentum arrows as confirmation if you like