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The 30Min FLOW Method-Level 1

Jun 02, 2018

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  • 8/10/2019 The 30Min FLOW Method-Level 1

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    30 Min Flow

    THE 30Min FLOW....................................................................................21. Overview.........................................................................................22. Time Frame.....................................................................................23. Perspective......................................................................................24. Filters..............................................................................................2

    PIVOT....................................................................................................21. P!re Piv"ts.......................................................................................32. #$$ressive Piv"ts............................................................................33. i%ewa& Piv"ts................................................................................'4. Vis!al Hi$(s ) L"ws..........................................................................'

    T*E+,..................................................................................................-METHO,.................................................................................................

    1. #*s / t(e art " Trailin$ #*s.......................................................2. W*s..............................................................................................3. 5#P.............................................................................................124. #,,.............................................................................................14

    '. EO, *eversal................................................................................14-. Fla$s..............................................................................................1-

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    THE 30Min FLOW

    1. Overview

    The central basis of this Method its core is identification of Pure Pivots.

    Pivots work beautifully as long as they are there, but only when we dont have pure

    pivots we add something more to our concept of pure pivots these are !ggressivePivots, "isual #ighs $ %ows & 'ideway Pivots. !lso, we add certain rules for ()*s

    and +ap penings.

    The basic tenet of this method is to go with the -low of the Market. To keepourselves out of the trade as much as possible and allow the Market to do all the

    hard /ob and put money into our pockets, with as minimum effort as possible.

    2. Time Frame0 Min 2harts

    3. Perspective13 -or 4nitial trades none53 -or !dds (e look at daily T- to be aggressive or nonaggressive in our

    approach. -or deciding the trend on daily T- we go with Pure Pivots only onthe 6aily 2harts,

    4. Filters

    1) )eversal -ilter 7-3 8 19 The value we take to reverse a trade in absence of agap

    53 !dd -ilter 7!-3 8 :9 The value which we take for our adds 7a bit lesser thannormal reversal filter3

    3) +ap -ilter 7+-3 8 1:9 The value 7a bit bigger than our normal reversal filter3we take to reverse our trade when we get a gap opening against our position

    P!OT"

    The dictionary defines a pivot as a ;central point around which something turns

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    5. !ggressive Pivots0. 'ideway Pivots

    4. "isual #ighs $ %ows

    1. Pure Pivots4ts the most obvious form of Pivot and clearly stands out. 4ts a point where arally changes into decline or a decline changes into rally.

    2. #$$ressive Pivotsa. !P19 4nside *ar pivot

    2onsider a scenario where market puts up a rally of ? : bullish bars,and then in the ne@t bar it pauses and price declines a little bit forming

    an inside bar. Then in the ne@t bar it resumes its upward /ourney. Thesmall decline that we see in that inside bar becomes our !ggressive

    Pivot 1. 4tAs the same stuff as decline and rally but happens within 5bars, %asicall& t'at up move is stron$ an( we utili)e t'is insi(e

    %ar to move our stops. (hen do we confirm its an aggressive pivotB(hen the ne@t bar closes above the new highs. The inside bar is about

    moving stops, however, a strong move should precede it.

    4n case of a downtrend, consider a scenario where market puts of adecline of ? : bearish bars, and then in the ne@t bar it pauses and

    price rises a little bit forming an inside bar. Then in the ne@t bar itresumes its downward /ourney. The small rise that we see in that

    inside bar becomes our !P1 in the downtrend.

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    -ig9 5.1 !n 4nside *ar type !ggressive Pivot in an Cptrend.

    b. !P59 This is very similar to !P1, however, instead of forming an 4nside

    *ar, the bar puts up a new higher high and a higher low 7in case of anuptrend3 but closes almost low of that bar, and the ne@t bar keepsmoving up and so on.. =ow, this bar that gave us a pause becomes

    our !ggressive Pivot %ow. Please note that it should be of oppositecolored bar to the trend. pposite for a downtrend.

    #ence, !ggressive pivot is a point where market stops...goes a bitdown or sideways...makes up its mind and again resumes its original

    direction, its a little pause in the move.

    Pure Pivots are clearly visible. !ggressive pivots are a bit hidden, but

    once our eyes are trained they will become visible. The !Ps are twobar setups.

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    -ig9 D@amples of !ggressive Pivots in a downtrend

    3. "i(ewa& Pivots

    !fter a uptrend, when the market goes in a sideways range, the low of thatrange is considered as a Pivot %ow. Eust the opposite for a 6owntrend.

    4. !isual Hi$'s * Lows! "isual #igh is formed when prices move to a new high and falls on itself. !ndthen a series of 4nside bars are formed. !fter that the price closes visually higher

    than its preceding bars, but not making a new #igh.

    "isual #ighs are the #ighs made after a visual Pivot %ow that has its body closewithin the previous wick high. -ocus is on the body close that lies within a wick

    high. Dvery new high is not a visual high....every new Pivot high is not a visual

    #igh....a "isual #igh suggests weakening and a possible drop.

    =ote that if the bar had closed at the bottom...the high remains same... then it

    will not be a visual high as a close above previous few bars is must.

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    -ig 19 The first 0 bars are making #igher #ighs. The Fthbar makes a Pivot #igh.

    The Gthbar makes a Pivot %ow. The 1thbar makes a high that is higher than thePivot #igh 7the Fthbar3, but no new highs are made 7as in the 0rdbar3. #ence,

    the low of the Gthbar becomes our "isual Pivot %ow. Price moves up and then

    forms a small pivot high at Fthbar, and then the 11thbar closes higher. Thats avisual #igh.

    T+E,-"4ts important to get this crystal clear.

    !n uptren(is made up of #igher Pivots #ighs 7P#3 and higher Pivot %ows 7P%s3.4mportant are the Pivot %ows in an Cptrend. Till the time the Pivot lows hold the

    uptrend continues. The moment the market fails to make a new P# the uptrend isput into >uestion. !n uptrend turns into a downtrend when the market breaks the

    previous P% ie. it makes a lower low than the previous P%.

    'imilarly, a (owntren(is made up of %ower Pivots #ighs 7P#3 and lower Pivot %ows7P%s3. 4mportant are the Pivot #ighs in a 6owntrend. Till the time the Pivot #ighs

    hold the downtrend continues. The moment the market fails to make a new P% the

    downtrend is put into >uestion. ! downtrend turns into a uptrend when the marketbreaks the previous Pivot #igh ie. it makes a higher high than the previous P#.

    METHO-

    This is a methodology that involves stop and reverse. ur e@it on a position istherefore our entry in the opposite direction. ur reversal points are therefore

    crucial. (e do not take profits. This is enteradde@itandreverse method. =o profitsoff the table. Dvery e@it is therefore our entry point in the ne@t trade .

    0 Min flow basically is a method which is rela@ed laHy way of trading. (e are turning

    as per the flow of river 7market3 no anticipation, no guessing...no super

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    aggressive stuff here. (e react to markets moves. ur attitude is not one ofgrabbing in -low.......but one of accepting. (e take whatever the market gives.

    !ssume that we are in a 6owntrend 7made up of a series of %ower P# and %owerP%s3 and we are looking for a reversal point to go %ong. (e +o %ong when the

    market fails to make a low lower than the previous P% and goes on to hit our '!)and breaks the P# on the upside.

    pposite for +oing 'hort. !fter a series of higher P# and higher P%, when the market

    fails to make a new P#, but instead goes on to break the lower P% and hits our '!),we got short.

    1st entry and we are always in. !fter the 1stentry we look for !dding 7based on !dd

    )ules3, )aising our '!), or )eversing. (e remain always in the -low where entry onone side is followed with e@it from the other side. 7The initial entries $ reversals are

    always based on pure pivots3.

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    1. "#+s t'e art o/ Trailin$ "#+s

    1. (e put '!) J the previous pure pivot of the bar which reverses our position.

    5. 4n an Cptrend every time we make new #4+#' over the recent Pivot #ighs,we bring our '!) to the recent Pivot %ow.

    DK2DPT4=9 'ometimes, in an uptrend, price makes a higher pivot low anddoes not go to make new highs, and instead goes sideways for a period of

    time, or pulls back up and forms a clear cut lower high and then falls through.

    'tops are therefore still at recent pivot lows as newer highs are not made.

    0. 4n a 6owntrend, every time when we make a %( below the recent Pivot%ows, we bring our stop to the high of the recent pivot high.

    DK2DPT4=9 'ometimes, in a downtrend, price makes a lower pivot high anddoes not go to make new lows, and instead goes sideways for a period of

    time, or goes down and forms a clear cut higher low and then rises. 'tops aretherefore still at recent pivot highs as newer lows are not made.

    ?. 4n both Cptrend and 6owntrend we trail stops using P4"T'. =ot only Pure

    Pivots but also aggressive pivots, sideway pivots and visual highs $ lows areused to trail our 'TP'. =ote9 ur /ob is not to catch some tiny little pivot

    and reverse. (e should not be micro analyHing. The pivots have to bevisually obvious.

    ! note on 'ideways Pivot9

    ! 'ideways move can come within the range of the previous day bar $ range or

    outside the range 7for eg. gap down, a bullish bar, sideways3.

    (hen we get tiny pivots in range of a large down bar, best is to ignore them.

    =ow, this is the area where we can make mistakes. 4n an uptrend, we are looking at

    raising our '!)s. !nd to raise our '!) 7e@cept in clear cut visual sideways moves3, we

    need new highs to raise our '!).

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    The chart above has arrows and dots depicting pivots. The arrows are the places where a

    higher pivot low was made and new highs were attained making it easy for us to raise

    our '!). The dots are pivot points as well but no new highs were made, and priceretracts, we keep our places of reversal intact till we get a higher pivot low that takes out

    a previous pivot high or if the current '!) is triggered.

    4n the case above '!) was not triggered, a higher pivot low was finally made taking out

    a previous pivot high. !t this time we moved out '!) to this Pivot %ow and once that low

    was crossed it is reversal to 'hort Position for us.

    #owever, if the sideways range is formed after 50 days steep fall, then a strongbullish first bar...then we take high of this sideways move as per the rules.

    Note:We can reverse on sideways pivots only when the sideways pattern hasclearly formed. If we are SHORT, we need a strong bearish bar or two then a tight

    sideways move of 5! bars and then the high of sideways range ta"en o#t.

    However, in the absence of a clear sideways pattern, #nless newer low which islower than the lowest low so far in the c#rrent ongoing move is made we wont shift

    the S$R to lower %H...that is the basic principle of flow trading....

    There are times when no pivots are there in the nearby vicinity. This happens espduring ()*s & +!P'. Therefore we need to bring in other strategies to help when

    pivots are not available nearby. (e must realiHe the great potential for great profitsusing pivots, we must also know its shortcomings and where it fails so that we can

    put a few things together that will help us in most scenarios.

    2. W+s()* is a wide range bar larger than its ad/acent bars relative to itAs timeframe,open near itAs low and closes near its top in a green$white bar, vice versa for black or

    red candle. 'o if we are trading 0 min flow, we look at last ?: days for looking at a

    ()*. ()*s are larger siHe bars larger than the nearby bars, opening and closing [email protected] 5 or more times the nearby bars. so if nearby bars are 11:points...()* will be ??: points and above.

    Types of ()*913 2ontinuation $ *reakout $ *reakdown

    53 D@haustion

    Maybe on the breakout from a consolidation you may also get a Monster ()* type.

    (e can see ()*As almost everday, key here is to identify how old is the trend to

    identify the possible e@haustion, other wise breakout ()*As are easy to handle.!lthough a *reakout ()* comes at the start of a new trend and a continuation ()*

    in the middle of a trend, breakout and continuation kind of similar in atleast the waythey are handled.

    'ay we are in down trend and then a ()* which takes our stops and changes trend

    to up and after a sideways consolidation there is a ()* these both are reaOutt&pes. (hen a ()* happens after a prolonged up or down trend thats a ()* of

    e'austion t&pe. #ow can we differentiate it9 we cannot but make try to visualiHethe whole picture to see if that could be an e@haustion.

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    *oth type of ()*s look the same. 2onsidering an uptrend9 it opens from lowest and

    closes itAs high. *ut depending on where it occurs in the trend defines what type theyare.

    i3 W+ +E#O5T9

    #ere we have higher pivot highs and lows, and then we have a ()* breakout over aprevious pivot high, as always a visually obvious ()*. (e are now looking for the

    ne@t bar. 4f the ne@t bar closes below : of the previous ()* 7pen2lose3, weare reverting to shorts below the low of this net %earis' %ar. &'ote(price m#st

    close below the 5)* mar" for reversals to happen.+ This above pattern is only inan uptrendNNN. only in ()* *reakouts alone. =ot ()* *reakdowns.

    This is a 5 bar setupNN.we need a ()* *reakout O ne@t bar bearish bar closing below

    : of the ()*. Then only does this triggerNN The above pattern is usually in anongoing uptrend creating multiple higher pivot highs and lows and then there comes

    this ()* *reakoutNNNN (e are in essence looking out for the ()* *reakout-ailure and to reverse early.

    #owever, 4f the ne@t bar is a small bullish bar, and the ne@t bar is a do/i, then all of the

    above is null and void. "#+ at t'e low o/ t'e W+ reaout an( we reverse i/ "#+

    tri$$ers.

    ,OTE The above pattern is not only in an uptrend, but it cannot be the first ()*

    breakout bar after a downtrendNN.the first ()* that we reverse with ending thedowntrend and triggering off a new uptrend 'as "#+ at low o/ t'e W+ %arand

    we are not really looking at the ne@t bar reversal.

    ii3 W+ +E#-OW,4n ()* *reakdowns, stops at t'e 'i$' o/ t'e W+. =o: ne@t bar reversalsNN..we reverse only on a break of the high of the ()*.

    ,OTE4n a case where the uptrend has already been in motion for some time,

    successive higher pivot highs and lows........then sets up a ()* after another andfinally culminating in a huge 7Monster3 ()* , take the 00 mark of that last

    bar.......4f Price crosses this point, revert to short.

    *ut not so in a downtrend, '!) at the high of the last huge ()*.

    4f we are getting multiple ()*..... imp to see is ()*s one after another..... we will

    move our '!) to : point of the rally...... taking open of 1st ()* and close of thelast ()*.... this : thing is only for our %ong trades and after a move

    =o need to wait for ne@t bar closing here in case of Monster ()*..... /ust keep your

    '!) J 00 mark of open and close of this ()*.... and we reverse to shorts afterthat 00 down move.. with the high of the previous ()* as the '!) and this is

    only for long trades..... for short trades '!) always above our ()*....

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    W+ ,otes1. ! large bar or ()*...then we have small tiny pivots against the direction of

    ()*....6=T reverse. ()* is far more powerful than tiny pivots. !fter ()*small corrective movement is possible...not a place to reverse. This is true for

    bearish as well as bullish ()*.5. ()*s as we already know can initiate a trend, can be seen in the middle of a

    trend or finish a trend. (e have an uptrend, then a ()* breakout, and then abearish bar, and then new highs we raise our '!) to the latest P%.

    0. *asically ()* O tiny pivots 8 ignore pivots?. (e have an uptrend...., then a ()* breakout , and then a bearish bar, new

    highs..... so in this case '!) J low of bearish bar 7which becomes our new P%3.

    *ut we need to analyHe further 4s that 2ontinuation $ *reakout ()*B r a

    possible e@haustive oneB The scenario described here was for D@haustive ()*.%et us take a *reakout ()* from a sideways consolidation...small bars after

    that ....then new highs then that pivot breaks. =o action from our end. '!)remains at the low of the ()*. This is same in an Cptrend and a 6nTrend.

    :. !s a general )ule................()* )ules supercede all other rulesa. *reakout ()* that starts an CPT)D=6 and reverses our position to %=+

    '!) at low of ()*b. *reakdown ()* that starts a 6(=T)D=6 and reverses our position to

    '#)T '!) at high of ()*c. ()* within an established trend can be a sign of possible e@haustionB

    i. CPT)D=6 followed by a D@hauastion ()* followed by new highsof tiny pivotsN '!) at latest P% made off tiny pivots

    ii. 6(= followed by a D@hauastion ()* even if new lows aremade off tiny pivots.....'!) remains where it was

    7(hen we were in %ongs in an CptrendN and then we have a ()*N '!) is moved

    to the low of the ()*. (hen we are in 'horts in a downtrend, and then we have a()* .. '!) remains at the previous P#3

    I. #ence, on ()* *reakouts $ 2ontinuation, we do not act on small pivots being

    formed 7so that we do not get whipsawed unnecessarily when the trend can stillbe on3, however, on ()* e@haustion we definitely act on tiny pivots 7so that we

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    can catch the reversals, if any, early3. 'o in case of ()* after sustained up$downtrend, we can take sideways P#$P% or to reverse where as *$ ()* we keep our

    '!) at low$high of ()*. The handling of both is different........therefore theanalysis must be accurate we give the *reakout ()* more room to breathe but

    not so for the e@haustive ()*.

    -ig9 #ow do we react to a *reakout ()*.

    F. ues9 #ow to know that it is e@haustion ()* and not a continuation ()*B #ow

    do we e@actly define e@haustive ()*B!ns9 -rom where that ()* comes in the move. ! ()* that sets the trend going

    in a new direction 7or coming off a sideways consolidation3 is a *reakout ()*. 4f()* comes after a sustained move, after 50 earlier ()*s... then it could be

    e@haustive. -irst or second ()* in a new trend are continuation ()*s, after thatevery ()* is treated as possible e@haustive ()*. #ence we have different set of

    rules for *reakout $ 2ontinuation ()*s and D@haustive ()*s.G. (hen the : of ()* rules comes into picture thenB -or Monster ()* which is

    e@haustive. no : rule....no dropping down to smaller tfs in breakout wrb on-low0

    3.6#P"

    i7 6#P" #6#,"T O5+ PO"TO,

    a7 5T WTH, O5+ "#+

    4n this case the riginal '!) O$ - remains.

    %7 5T E8O,- O5+ "#+9

    (ait for 1st 19 min %ar 7 -or *=-.. 1st : min3 to form and reverse with

    high $ low 7 O $ 3 +-N +ap -ilter. #owever, if the 1 st1: min bar 7 : min for*=-3 does not get taken out then the riginal '!) O$ - remains till the time

    a a trigger comes for moving our '!).

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    ii7 6#P" , O5+ F#!O5+

    'ituation9 (hen we are LO,6

    a3 (e are %ong O continuous up move with a few ()*s ... =ow, there is a +!P CPopening9

    %ook out for the first 1: min *!)9

    4f 7-irst 1: min bar is a *D!)4'# bar3 then

    (e reverse on -irst 1:min bar low +ap filter and move the "#+ at Hi$'of 1st 1:min bar # Ogap filter when the trade is triggered. 4f the reversal does not happen

    and market continues to go up then the '!) remains at the LOW of 1st 1: min bartill a new higher P% is established.

    4f 7-irst 1: min bar is a *C%%4'# bar3 then

    '!) to be moved to previous (a&:s last %ar low...

    =ote9 This +ap )ule is for D@haustive )ule moves, so it has to be a nice "isual +ap.!lso, in case of the 1:min bearish bar we have a more aggressive '!) than in the

    case of the 1: min bullish bar is to catch a possible D@haustive move.

    'ituation9 (hen we are "HO+T

    a3 (e are 'hort O continuous down move with a few ()*s ... =ow, there is a +!P

    6(= opening9

    Our "#+ move( to t'e previous (a&;s last %ar 'i$'.

    6owntrend O "isual gap down O ullis' W+O !gg Pivot 6o/i.........long or no

    longsB

    *ullish ()* with an aggressive pivot is all we need to bring our sar down to the highof the *ullish *ar. !nd we revert to %ongs in case the high is breached.

    4.#--"

    -or !66' in the 0M4= -low we take the 6aily trend in perspective.

    1. 0M4= -low CP

    a. 6!4%Q CP9 1 O 5 addsb. 6!4%Q 6(=9 1 O 1 adds

    i. =ow if 6aily turns CP9 we do O1 add

    4n long position$uptrend, we add only on "isual P#

    5. 0M4= -low 6(=9 4n short position$downtrend, we can add at "isual $!ggressive P% as well as in following way9

    13 (e are short today, ne@t day gap down, we add at first bearish bar low -.

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    53 ()* low which is /ust a start of downtrend $ move.03 ! ()* on 0 min which is turning an uptrend on daily into downtrend.

    a. 6!4%Q 6(=9 1 O 0 addsb. 6!4%Q CP9 1 O 1 adds

    i. =ow if 6aily turns 6own9 we do O5 adds

    =ote9 4n case the 6!4%Q is )!=+D*C=6 we do 1 O 1 add irrespective of thedirection of 0min -low

    !3 %=+' 9....ma@ 0positions74nitial PosnO5 adds3

    *3 '#)T' 9

    !ltogether ? positions in a downtrend74nitial PosnOadd1Oadd 5Oadd 03

    The only time we do not do the above.......when present trend is against the dailycharts trend....then only 4nitial PositionO1 add

    =ote9 adds.... in longs we take our adds only above pure pivots..... in short trades

    we add below agg pivots.... below 1st bearish bar low if we get a gap in favor... and

    a wrb low if trend has /ust started

    The reason why when daily up n 0 up we take O5 adds & daily down n 0 down we

    take O0 adds because bulls takes stairs and bears /ump out of window.

    The above is applicable for all scripts.

    9. EO- +eversalD6 reversal is a concept that will allow us to take home the position that is sync

    with the current market action. !s chances of +ap pening against us are muchmore if we are against the trend, this concept prevents us from taking loosing

    position home.

    There are two types of D6 )eversals9

    1. (e are '#)T and we close above the P# 7our '!)3 but did not trigger %=+trade because of filters. 4n this case we reverse to %=+' with only the initial

    position. This is same as ignoring the filters for reversal during D6 in casethe '!) is hit but the reversal is being saved by the filter. "ice versa in case

    of '#)T'.

    D@ample9

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    5. (hen we enter any position 7long$short3 and at the end of the same day ifmarket is about to close near the same PH*PLwhere we entered, then we

    do D6 reversal with the initial trade O adds 7if any3.

    D@ample9

    %ook at the 1090 bar in the chart for Eun 11, 51. 6rop below 1am bar of Eun 11

    caused us to go short that day. #owever the day closed over that pivot low. That

    calls for reversing the position in the flow back to longs. The decision is made at095FPM. 4t indicates that there is not much strength in the down move so we go back

    to our long position and with all adds 7if any3 that were there before shorting.

    )everse is also true suppose day starts in short position, price goes over the phOfto trigger long, but day closes 7measured at 095FPM to allow for order before closing

    time3 below that ph, we have to do D6 reversalback to short.

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  • 8/10/2019 The 30Min FLOW Method-Level 1

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    30 Min Flow

  • 8/10/2019 The 30Min FLOW Method-Level 1

    17/18

    30 Min Flow

    Eample 2

    Period 'tart9 May 10th

    6aily Trend9 6own Trend=earest 6aily P# and '!)9 May 1thbar J IG.G O f

    !66 !ggressive 1 O 0

    0 min -low9

    (e start from 10thMay. (e were %=+ on the 15th. n 10thit opened above theprevious days range and in our favour. #owever, we cannot consider it as a +ap Cp

    as it is hardly a visual gap. #ence, we do not apply the +ap rules here. Price opensabove the high of the earlier P# 7590 bar of 15th3 and hence our '!) is moved to

    the low of the 090 bar of May 15th as it is the nearest P% 7'!)3. This is because theprevious P# is broken to the upside.

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  • 8/10/2019 The 30Min FLOW Method-Level 1

    18/18

    30 Min Flow

    Till 19 *ar the '!) remains at '!). !lthough there is a P% formed at 119 bar,yet we do not move the '!) to 119 bar low as it does not go to make a high higher

    than the earlier P#.

    nitial Tra(e(e go 'hort during the 190 *!) as price breaks '!) to thedownside.

    '!) moved to '!).1

    #-- 1 !s 190 bar is a ()* we !66 1 as price breaches the low of ()* af.

    '!) is moved to the high of the 190 ()* bar at '!)1.1

    2arry all positions to the ne@t day with '!) at '!)1.1

    #-- 2 ! P% is formed at 09 pm bar low on 10th. 6uring the L90 !M bar on 1?th

    price breaches the P% and we do !66 5. '!) is lowered to '!)5.1 the nearest P#which is high of 090 PM bar on 10th.

    #-- 3 !dd 0 is below the L90 ()* on 1?th. The '!) is brought to the high of ()*

    at '!) 0.1

    =o more !66' as our >uota is already over.

    n 1Fthwe have a +ap 6own in our -avour and a bearish ()*.

    &In case we have a ap -own in o#r favo#r and a Bearish WRBthen the S$R willbe bro#ght to the previo#s days last bar high. &If we were in /ongs, it was an

    0ptrend S$R at the low of the WR1. In a downtrend, and WR1 S$R at previo#s%H.....in this case co2 of gap as well....last bar high++

    1Fthis then a no trade day as a -%!+ is formed after the L90 ()*. =o new %ows are

    formed, nor our '!) at '!) 0.5 is hit.

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