I have touched on this strategy before but the "Major Swing Level" strategy is a pretty straight forward, and simple concept to grasp because of the rules that it follows.
1) Find the swing levels on the timeframe one larger than you trade on
- I trade on 5m so I use 15m to chart the swing highs and lows
2) Only trade with the trend - so with this obvious down trend, lower lows and lower highs, you would only take puts.
3) Wait for candles to test the zone, which is made of the previous swing low and high in this chart (circled below)
4) You wait for a double top (or double bottom in a uptrend) testing the zone and take puts on the first red candle below the zone after the double top is formed.
This is zoomed in and on 5m chart.
This is what the price action would look like. You do not want this to break the previous swing high, so if it breaks 4015 to the upside, this trade option is invalidated.