This is Lesson 18 from the LOBOT Trading Strategy. In this tutorial you will learn the following:
1. What are Levels to the Left?
2. Why are levels to the left important?
3. Why these levels can increase your Win Rate by 70%?
There are 2 types of S/R Levels that are useful to use for Day Trading the Indices
Number 1: Intraday support and resistance levels
Number 2: Swing Support and Resistance levels
First Type of Levels: Intraday Levels
There are 3 types of intraday levels to consider.
For Intraday S/R we will use the following parameters to identify those levels.
- The London and Frankfurt Open Price serves as intra-day Support and Resistance.
Draw a Line at The London and Frankfurt and New York Equities Open Price Horizontal Line should run for the Day only. An Option for a vertical line showing Open time is also required. By default set to false.
- The highs and lows of the range of the immediate previous session also serve as good intra-day support resistance. The highs and lows of the range of Each of the 3 sessions should be marked with horizontal lines. The lines should terminate at the end of date.
- Mark the high and low of the Frankfurt open first hour with a box-like so…
These lines should terminate at the Start of New York Session.
- Mark the Highs and Lows of the Overnight Session. This starts from NewYork Close or the midnight line (22.00 or 00 of Pepperstone) These lines should terminate at the end of the Date
Second Type of Levels: Swing Levels of M5 or Hourly Chart
There are 3 Types of Swing Levels we need to Consider
- The High and Low of the 5 Days
- The High and Low of the Week
- Highs and Lows of Yesterdays Session highs and Lows. (Most Important)
And that’s it. So what do you think? Let me know in the comments below