BP PLC - BP - Daily - Key Hidden Levels are Essential in BP!

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Look at the remarkable action around the KEY HIDDEN LEVELS in BP             over the past 10 months - There have been multiple tests of the key support lines that provided ideal and low risk entries on pull-backs.

Subscribe to "Key Hidden Levels" in the "Marketplace Add-Ons" section of "Indicators" .

I'm looking to get long against support down here - I will post my entries here on Tradingview.

Also, if you are short CVX             against purchases in BP             , you can create a "market neutral - pairs trade". See the link to CVX             below.

Subscribe to my indicator package KEY HIDDEN LEVELS $20/mo or a discount for a year and join in the trading room KEY HIDDEN LEVELS here at TradingView.com
Tim, would you try and share on this forum, just as a matter of an example, a bull put spread (quantity adequate) to partly (50%) finance a long call slightly OTM, the other part of which (50%) could also be financed by a short weekly call further OTM, say near first resistance, your next hidden level.
What do you think? too complicated?
+1 Reply
timwest guidoisot
guidoisot - That is a great idea.
Sell the 46 PUT, Sep 20th - 1.40
Buy the 44 PUT, Sep 20th - 0.24
Buy the 45 CALL, Sep 20th - 0.63
Sell the 47.50 CALL, Sep 20th - 0.21

This doesn't give you a lot of upside, and I don't want sell an option for less than 20 cents - so 47.50 is as high as you can go. If you go out another month, you can see what the returns look like there.

What you have outlined makes a lot of sense.
timwest timwest
For those who are looking for an education in options - congratulations on your awareness that options provide the most dynamic and lowest cost way to manage risk. There are great videos at Khan Academy and Interactive Brokers too where you can get an excellent grounding in options.
guidoisot timwest
Thanks. However it is not my idea I just heard the "principle" by another trader (a very successful one!); but the key with this method, which can work on both ways (simmetrical) is to have reliable support - resistance areas.
I do not know what is the principle you apply to determine key hidden lines, but they seem to be quite reliable.
Another good method is an indicator which takes into account buy and sell volumes
a third one could be the Fibonacci,
and so on.
I guess that, ideally, one could consider that the more confluence there is on one price level area, the more reliable can be considered that level.
Did you ever try to combine in such a way your indicator with other ones? or do you perhaps already do it?
timwest guidoisot
Thanks for the question guidoisot - The key levels are based on key action in the quarterly time frame. You can see videos that I have put at youtube if you search for "tim west trading view" you will find them. You can subscribe to the script that puts the lines on the chart for you automatically based on my algorithm, which you can see is very helpful for framing out the stock chart. It won't always be perfect, nothing is that good, but it does provide extremely useful support/resistance levels. The cost is minor and monthly, or at a discount for annual subscriptions. As for "multiple-support levels kicking in to provide additional confidence", well, I don't look for that. I do have some other things I will look at, like range expansion and volume, together with relative strength to the market, but the market is a constantly unfolding mystery (like a woman) and we have to stay constantly in-tune with it and watching its every move, especially around those important price levels (like birthdays, holidays and anniversaries, to keep that analogy going). Thanks for your questions! Keep them coming! Tim
guidoisot timwest
with some nice background music (at bottom right hand side) to play during RTH, so one never forgets that
timwest guidoisot
Great music - the words are all too perfect
guidoisot timwest
timwest guidoisot
Think of analyzing a "kiss" from a woman too - it's all in the "kiss" - whether or not you have a true connection. The Key Hidden Levels are that "kiss".
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