[astropark] trade yesterday range

9 oct 2020

Dear followers,

today a nice scalping tool for day trading on low time frames (1-3-5 minutes)!

Each day the indicator will print some important levels and ranges related to the trading day before:

• yesterday high (black line)
  
• yesterday day range averange (silver line)
  
• yesterday low (black line)
  
• average between yesterday high and yesterday average, together with a resistance range (red)
  
• average between yesterday low and yesterday average, together with a support range (green)
  
• two extension ranges above yesterday high (first is blue, second is red)
  
• two extension ranges below yesterday low (first is blue, second is green)
  

Trading levels is one of most effective trading tecniques:

• once a level is broken upwards, you can long (buy) the bullish retest with stoploss below recent low
  
• once a level is broken downwards, you can short (sell) the bearish retest with stoploss below recent high
  
• consolidation below or at a resistance level is bullish, so long (buy) breakout upwards and long more on a bullish retest of broken level
  
• consolidation above or at a support level is bearish, so short (sell) breakout downwards and short more on a bearish retest of broken level
  
• many times you see a level to be tested 2 or 3 times: short (sell) double and triple top, long (buy) double or triple bottom
  

Here you can see the levels described above and basic usage in a consolidation trading day:


A trader who wants to be a winner must understand that money and risk management are very important, so manage your position size and always have a stop loss in your trades.

Here you can see many examples on how to use this indicator.

Triple top on yesterday range high: perfect short setup (5 take profits targets in the example)


Resistance levels broken: long setup on bullish retest (2 take profits targets in the example)


Double top and support broken: 2 short setups (2 and 3 take profits targets in the example)


Here some examples how to basically use the indicator in a consolidation trading day: short (sell) resistance levels, long (buy) support levels





This is a premium indicator, so send me a private message in order to get access to this script.