The 3Bar High & 3Bar Low Technique is very useful in any time frame of trading but provides good results in 30Min-1Hr and 1 Day time frames.
The method is plain simple, requires no knowledge of any technical analysis. Just look at a candle stick chart and identify the Max High of previous 3 Candles and Max Low of Previous 3 candles. If the high breaks, go long with SL placed at 3BarLow. Vice versa, if Low breaks, then go short with SL at 3Bar High.
Once the current candle is over and new candle begins, again work out your 3Bar High and Lows from new set of previous 3 candles, and update your SLs accordingly.
Try this on paper trading on 30 min time frame and you will know what results can be expected. Also it is useful in taking a position in between a trend, if you had already missed it and felt sorry for it.
Let me know your opinions too..