thats right, i use only support & resistance level for my trades. I do not use any other indicators. I always keep a thumb rule not to Short at support & not to buy at resistance. But sometimes due to emotional factor i do make mistake of just doing exactly the opposite trades.
I follow list of few momentum stocks like auropharma, tatasteel, arvind etc.
whenever these stocks trade near their support level i just buy and keep days low as stop loss, if the stop loss is hit , i reverse my positions and go short.
same for short trades, i short at resistance level and sometimes if the stock breaks that resistance and hit my stop loss, i reverse my position and go long. Whenever the momentum stocks gives a breakout, it will be really huge and we need to make use of that.
I keep trailing my stop loss with 5 mins S/R level and exit based on my TSL.
I follow list of few momentum stocks like auropharma, tatasteel, arvind etc.
whenever these stocks trade near their support level i just buy and keep days low as stop loss, if the stop loss is hit , i reverse my positions and go short.
same for short trades, i short at resistance level and sometimes if the stock breaks that resistance and hit my stop loss, i reverse my position and go long. Whenever the momentum stocks gives a breakout, it will be really huge and we need to make use of that.
I keep trailing my stop loss with 5 mins S/R level and exit based on my TSL.
Thanks for ur reply & giving insight into ur nice & profitable trading setup...
some more queries..s& r is very subjective...every trader would decide differently? ...for u what levels are important? I mean previous swing low /HTF s& r/ etc...
On which time frame u decide ur levels ?
Thanks