Got struck in the first step itself. Since I do not have S&R data will use the daily pivots to monitor trade. What I understood is long trade is to be initiated on lower support & short trade on upper resistance. So, we have R3-R2-R1-PP-S1-S2-S3 for a day. Now which is lower support? Is it S1 or is it S2?
Thx
this system which you have mentioned,is a most popular support and resistance system. steps to use it as a end of day trading system.but remember this has no connection with the system which i am teaching.
you consider it like this
s1r1 short term trend
s2r2 medium term trend
s3r3 long term trend
pivot support is common for all the three trend
now suppose you want to trade gold on long term basis
now first confirm ,whether momentum in gold is clear up
if yes ---then go a head
wait for a correction
on a major correction on eod once price comes near s3,go long with a stop loss of eod closing below s3
till your stop loss don't trigger ,go on holding
even if trade run for next one month
be sure it will work
i stopped trading this system few years back,i never tested it on these grounds,but still my knowledge tells me it will work
try to test it