Probably easier if I put up a chart to show you. I use a combination of calamari and traditional levels. I only use cam level 4 the pivot and R3 S3 levels.
Today I used a combination of upper trend breakout channel 6250 which was broken last week and we traded back into yesterday. The traded overnight high and also the R4 level. I know from experience there should be a reaction there obvious and big enough to get at least 10 points. Only got 5 today and it reversed hit my stop at entry.
The next level will be the traded high from cash hours, 10am to 4pm. I have an indicator that I wrote to get the levels put them on the chart for me from broker data. The charts I put are up IG because they always tick, reasonably clean data. I have other brokers for various reasons, more liquidity, more volatile spikes and faster execution but that really has nothing do with trading just how you prefer to trade. I have the same indicator on their charts as well and the levels are all different.
Mostly what I look for is a range for PA that may indicate a reversal. Mostly the trade I do in the first 10mins up to an hour will most likely be a wave 3 fade back down to wave 4. Most of the time I can get 15% 5day atr reaction. ATR15 today is 5.1. I got a little greedy today should have taken the 5 points. But I just felt sentiment might just provided a 15 point move at least.
Once the price is above the cam R4 or cbol which is also what I call it. The price is positive and if it clears the prev day traded high will most likely keep going. Today it put in a doji just above yesterdays high. It closed back below and then attacked it with a big bar. When you see a bar 4-5 points there is buying there. So if there is more trade above there most likely going higher still.
Hope you can make sense of that. Would have been hard to be long today because I would have thought 2 or 3 times the whole thing is just going to drop back down.
Next level I want to sell is R3 at 6296 for 10 points. Probably should take 5 if I see it based on previous price action.
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