Was created by Peter Mathers of TradingLounge as I needed a method to strengthen the weakness in using Elliott wave, the TradingLevels creates a beautiful structure of support and resistance through all levels of price structure.
I suggest taking the 6 part video course on the basics of the TradingLevels.
TradingLevels in a nutshell,/p>
Using the Fibonacci sequence as a price ratio for support and resistance levels.
Converting the Fibonacci sequence 1, 2, 3, 5 and 8 as cents or dollars such as $1, $2, $3, $5, $8 then the power of 10 so $10, $20, $30, $50, $80 and then the power of 10, as $100, $200, 300, $500, $800 and the power of 10, as $1,000, $2000 and so on the numbers this high can be used for Stock Indices etc.
The TradingLevels can be used in all price structures, for scalping any market or trading long term and once understood you simply can add the TradingLevels to your current analysis and trading, as on the trading side, the TradingLevels will strengthen your trade setups, entries, stops and trialing stops and point out where the correction will occur and therefore become your profit targets. The most common statement from traders that use the TradingLevels is how do people trade with them.