EXPOSING INSTITUTIONAL KEY LEVELS !
The EL3V8FX Key Level System is designed to provide you with the strongest key levels the market has to offer.
Once the conditions are met, the Key Levels will appear on your chart automatically. They will also extend along with the market. New levels will not print until conditions on the higher time frame are met.
KEY LEVELS ON GBPJPY
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As you can see from the image above, you have a BLUE key level as well as a RED key level.
Blue Key Level = Is the FIRST key level to be tested. First Opportunity to trade should a trigger for a buy or sell is activated.
Red Key Level = is the LAST key level to be tested. This should be considered your Maximum Pull Back threshold where price can pull back and provide opportunity to trade.
Blue Key LVL above Red Key LVL = Bullish Sentiment. You are looking for a BUY to trigger at Blue Key LVL or RED KEY LEVEL.
Red Key LVL above Blue Key LVL = Bearish Sentiment. You are looking for a SELL to trigger at Blue Key LVL or RED KEY LVL .
For Example:
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A buy was triggered on the 1HR timeframe using OANDAas the liquidity provider. You can see a loss of momentum where the candles wicked the key level. This is good signs for a buy. You can either execute with stops 20-30 pips below the key level or below the RED key level as you know that this is your maximum allowable pullback level ( Make sure your Take Profit and Stop Loss reflect a proper Risk to Reward.
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Above is a PROPER 1:3 Risk to Reward trade set up. Below is how she played out at the first KEY LEVEL.
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Now, levels will not repaint until we meet conditions on the HTF. Therefore, it is recommended that once you capture a trade and it has gone favorably, wait for the next key levels to print for you to take another set up. Of course, that is entirely up to you. Price did pull back down after TP was hit and tested our RT level (RED LEVEL)
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Now because we see nice rejection, we can take this trade and entertain it; always with proper risk to reward.
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FREQUENTLY ASKED QUESTIONS:
Q1- " What are the best time frames for the KLS?"
ANSWER: I personally enjoy setting my alerts on the 1HR time frame. You can use the lower time frame as well such as the 15m and 30m time frames but because we will need to see specific candlestick confirmation, You might not receive a trigger on the lower time frame but will receive the trigger on H1. You can place KLS indicator and scroll through the lower time frames for preference.
Q2- " Is there a specific session we need to trade?"
ANSWER- There is no specific session as we are waiting for a retest of key levels- this can happen at any given time depending on the pair we select to trade.
Q3- " Do i need a paid version of Tradingview?"
ANSWER- No, you can use the indicator on a free account but you are limited as to the amount of ALERTS you are able to set with the free version.
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