This would be for a scalp. TP would be around ("P" Line) or lower if trend strong enough. I just am observing a signal around R1, and as far as i can understand, trading properly requires being able to read how bars react around those levels. No different than hand drawn levels. There is more to it than that I'm sure, but to keep things simple, I'm just looking for behavior and close/continuation around these levels.
Price Action Case: 30 M Signal Bar Formed and Closed. What constitutes a signal bar according to Brooks Price Action? 1. Close on or near the low of the bar. Upper tail 1/3 to 1/2 the height of the bar. Could be seen as a reversal with earlier high. Also a test to the 20 .
RSI: 70 Level (Overbought) reached, and a Lower High is forming. Typically, the pattern I have observed when a pullback or reversal begins- is after the reaches or goes above 70, and then retests the overbought level lower (a lower high), you will usually get a leg down. It is a form of an exhaustion signal. Obviously overbought and oversold tests definitely do not guarantee a full trend reversal, but they can signal pullbacks enough for a scalp. You have to read the bars to understand the current context of market (trend, range, channel)