I was always of the opinion that a trader should have atleast one method each for Intraday and Positional. One might have more than one method also. The trader uses which system depends on his comfort level with the system vis-a-vis risk. With ST's method, the issue of daytrading is solved. This method works wonderfully on liquid instruments. I have been searching for a while for a Positional method. I did not want the method to be based purely on indicators. I wanted that the Positional method should also depend on the reality of the market and not on some indicators. One method is mixing an indicator with price action. For ex: Divergence of MACD/RSI along with Price action. So in this system the Positional trades would be taken only if there a Divergence.
The other method was pure Price Action where the use of Pivots is instrumental. I came across this method while searching on the net in a icharts forum( Mr. Pateek Singh of Marktscientist.in had told me about this in a conversation). The article was composed by a user 'Saint' (Frequent forum visitors might be aware of it). In fact this method uses a mix of Pivot and BOFs. A PDF of the working is available on the link. Click Here.
(On the page ,scroll down for a 'Download link')
Anyone one interested in using this method can use it as it is or with some tweaks so as to suit their personality/Risk Capacity. The chart posted is old(when Nifty was at 4000-4700 levels) but the principles remain same. The example explained is on a 60 min chart. Again the time frame can be tweaked as per the requirement.
I sincerely thank 'Saint', Marketscientist.in for the article.