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This system can be used for both intraday and positional trading.
To use this system, you must enter the high, low and close for the time frame, you want to trade.
If you want to trade for a time period of one week, take the high,low and close of the last week before beginning of next week.
If you want to trade for a time period of one month, take the high, low and close of the last month before beginning of next month.
Similarly for one year.
If you want to trade intraday, you should take the high, low and closing price for previous day.
Now lets take an example for trading 1 week time frame
Example – 1 Week
I noted down the high, low and close for 9th April week for Nifty future.
High, low and close are 5398, 5290.10 and 5364.90.
I get two sell signals.
Go Short at / below 5398. Stoploss at 5403.39. Target 1 is 5331.31.
Go Short at / below 5372.53. Stoploss at 5403.39. Target 2 is 5320.09.
Based on this call, I will try to sell at or below 5398 for target of 5331.31 (target achieved)
I will then wait for price to come again near second sell level (5272.53).
I again try to sell at or below 5272.53 for target of 5320.09 this time (again target achieved).
Example – 2 Intraday
I note down the high, low and close for the previous day (say 08/04/2010) for Nifty future.
Lets say they are 5370, 5290.10 and 5301.60.
I get three buy signals.
Go Long at / above 5290.1. Keep Stoploss at 5284.8. Target 1 is 5320.62.
Go Long at / above 5301.76. Keep Stoploss at 5284.8. Target 2 is 5340.59.
Go Long at / above 5316.54. Keep Stoploss at 5301.76. Target 3 is 5365.92.
The next day, low for Nifty future was 5307.10. So i could not buy at 1st and 2nd buy signal prices.
But I could enter long at 3rd buy signal (5316.54) for target 5365.92 (target achieved)