Bjorgum Key Levels
Key Levels Aims to capture 3 of the most significant points in price action
Breakouts
False Breakouts (Traps)
Back Checks
These 3 points alone, if properly identified, can be some of the most significant points of movement in the price history of an asset and bring significant gains to traders, if capitalized on. Here are a few examples of these setups
Breakouts
Breakouts can bring significant rallies as the market swings one sided after key levels are breached. This entry type can bring large trending runs to follow. Momentum is on your side, but the trade off is a higher entry.
False Breakouts
Also known as a bull trap or a bear trap, false breaks can lead to swift and significant reversals and potential for a large and sudden move to the opposite side. When a key level breakout fails to hold, parties entering to capitalize on the "epic breakout" can get left holding the bag forcing them to exit at a loss, which can double the force of pressure. Traps can bring swift gains from good entry prices. However, price is still in a larger trend against you so momentum is weak, so price action is susceptible to roll over.
Backchecks
Back checks are pull backs in trend that find middle ground to the 2 areas already described. Both momentum and entry price are decent, but risk is defined as a key level has flipped offering entry with stops below demand, or above supply.
Combining these 3 methods helps to diversify risk, understand trend development, and bring steady gains. This script helps to identify these points to traders with analysis of key levels, price structure, and trend direction, while providing visual signals and alerts for when they occur.
Best of luck in your coding and trading and thank you for your support
Amazing
Amazing Oscillator MTF plusIngles
The amazing multitemporal oscillator, allows you to see in a single graph the Waves that move the market in different temporalities, that is, you will be able to see the market trend, the impulse movement, the force movement and the entry and exit points, as well as also how both collide with each other, to understand why the smaller waves succumb to the impulse of the larger waves.
Elliot already described them as such, in his legacy of the Elliot waves and their different sub-waves, just as Wycoff spoke of the theory of effort and result.
Español:
El oscilador asombroso multitemporal, permite ver en una sola grafica las Ondas que mueven el mercado en diferentes temporalidades, es decir, podrás ver la tendencia del mercado, el movimiento de impulso, el movimiento de fuerza y los puntos de entrada y salida, así como también como ambos chocan entre si, para entender porque las ondas mas pequeñas sucumben al impulso de las ondas de mayor tamaño.
Ya Elliot las describía como tal, en su legado de las ondas de Elliot y sus diferentes sub-ondas, al igual que Wycoff hablaba de la teoría de esfuerzo y resultado.
