The strategy identifies certain important points on a chart which can give quick spikes in short-term. These points appear at the bottom of the chart in the form of blue dots. Once those points are identified, the system waits for fulfillment of next set of price-action conditions to give the necessary BUY or SHORT signals. The system also guides you the price level at which to enter the trade. We then wait for the blue dots to go and get the trade signal.
Alongwith the trade signals, the system also mentions the ideal price to take those trades and the stop loss levels. A user can enter his choice of target profit and stop loss. (My preference is 7-10% profit levels for BUYS and 5% for SHORTS for partial exits. Rest, I like to trail, specially when the stock is near its 52-Week High or 52-Week Low). The system shows an Exit signal box if the stop loss is hit, desired profit level is achieved or the system’s exit conditions are met.
The strategy is for short-term traders only. The trades range anywhere from 3-20 days. This is a 'Get profit & grab it in your pocket' kind of strategy.
It works only on Daily time-frames and on closing prices. Hence, during the market hours when price is changing, you might see a signal, but if the price is not able to maintain the threshold level, the signal may disappear by the end of the day.
There is no change in conditions for BUYS, SHORTS and EXITS. In the previous version, the trade signal on today's (current) candle showed values of the previous trade signal during the trading session. That is corrected now.
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This update will show a Green line on the threshold price for the BUYs and a Red line for SHORTs. This will make it easier for users to take their entries.
Click here to go to Pro-Pullbacks strategy:
in.tradingview.com/script/EZLOokjy-TradewithPuneet-com-Pro-Pullbacks/