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#TRADING Intraday Trading Setup 3 - Pivot trend relationship setup
Before getting into the setup a brief intro on pivots; Today's HLC will pave way for tom's pivots. Yesterday's HLC was used for today's pivots. In short `n' period HLC will be used for determining `n+1' pivots.
Above chart illustrates tomorrows pivots based on today's HLC. So next day's pivot Vs current days pivot position is known. In other words the pivot trend is known. If next day's pivot range is higher than today's pivot range it is called Higher value relationship;
If next day's pivot range is lower than today's pivot range it is called Lower value relationship;
There are other types of relationship also which I am not pointing out here.
Strategy is :
1) Consider only longs when there is a higher value relationship and only shorts when there is a lower value relationship.
2) Now entry criteria - Entry criteria is based on Camarilla H3/L3
a) For longs, enter if price breaks out of Camarilla H3 ; b) or if price hovers within Camarilla H3/L3 range, enter at L3 after a bullish cande price action;
3) Stop for 2a is few points below Camarilla H3 and Stop for 2b is few points below Camarilla L3.
4) Target for 2a is price dropping below 34 period pivot based ema and Target for 2b is price touching H3.
5) Reverse is for shorts.
Advantages of this setup :
You will be in the direction of the trend.
Disadvantages of this setup:
Price sometimes goes against pivot trend in which case you are not allowed to participate.
Cond1, 2a and 2b illustrated in the chart.
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