I thought this might be helpful to the traders that
like things clean and simple.
waterfall_s&r3.jpg
Some recognize it as the Waterfall setup.
By using the price action and referencing the S & R's... it is self explanatory.
I use no other indicators.
I flip between time frames constantly and draw confidence (or doubt) as the chart draws itself.
It is price driven. Everything on it is based on closings.
Nothing to repaint..... once in awhile the S & R's will give a "ghost" level
that appears and then disappears when broken and resets usually nearby
at the next proximate ledge of candles.
Hope this setup will help some relax a little with their trading.
If you will be patient with this chart setup and study the price action patterns
as it draws and confirms itself.....
you can stay out of trouble and make some good pips.
It "forces" you to "wait" instead of "react" to occasional spikes and headfakes.
Just
wait for things to become clear and let the market "come to you".
Use it (constantly) on
all time frames with confidence in the patterns and breakouts as they progress.
One simple/conservative way to use it is to ride the dashed price line as it
breaks through a threshold. If it is breaking a 5min and 15min threshold
simultaneously..... all the better! You can stack trades this way.
It's fairly easy to see when the price is trapped (consolidating)
as the SMA's begin to tangle (a line argument).
Stay out of those.... go do something else.
Cheers to all.
, great thanks bro.
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