OmniTrader Forum : Nirvana Trading Lab : Deleting Thread Your favorite trading method?

Peter Kellard

New User

Posts: 1

Joined: 2/27/2014

Subject : RE: Your favorite trading method?
Posted : 2/27/2014 11:57 AM
Post #31043 - In reply to #30904

I trade breakouts from consolidations on 3 and 15 min. I identify support and resistance levels using 60 min and daily charts and then plot them in OT. I like these intervals because the targets seem to stay valid for a while. Often price will oscillate around a level I have identified, when it does this I know this is a key level. When price breaks I follow it to my next support or resistance level. If price reverses back to my trigger area then either my trade plan will close it out or if it reverses through it very soon after I have entered the trade to the other side then I was wrong and I close the trade (the RTX trade plan is very good at doing this – thanks Ryan).

Attached is an indicator I use to plot my key levels which are held in a csv file (instructions on how to use it are in the file so you can also have a go and plot levels to see how price performs against your own targets). I have included an example input data file for TWTR. I do not know what price will do for TWTR, I do know that recent lows and highs will be tested at some point. I believe currently there is a lot of pressure on TWTR, it is heavily shorted so we could see a move to 50 or there abouts – but I may be wrong – price is the master and we just follow it. Key levels I have for the downside are 55.51 & 54.23, below 54.23 I see 50.09 will we get there – who knows? If not near upside targets are 58.62 and 60.24 ;).

[Edited by Peter Kellard on 2/27/2014 12:04 PM]

Attached file : gIndPlotLine.7z (0KB - 575 downloads)