Support and resistance trading system forex
These levels forex formed by the candlesticks' highs and lows. A break-through of these levels after a period of consolidation gives a signal for a trend. This strategy doesn't require any chart indicators except for the ability to draw lines at least imaginary.
A period of consolidation is clearly seen on both example forex. Stop-loss is placed close to the entry level. Support and Resistance or TzPivots. Use this strategy at your own risk. It's not recommended to use this strategy on the real account without testing it on demo first.
Do you have any suggestions or questions regarding this system You can always trading Support and Resistance Strategy with the fellow Forex traders trading the Trading Systems and Strategies support.
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Features Well-defined low stop-loss. Relatively high success rate. Support level is formed by the lows of two and more candlestick bars resistance form a rather straight horizontal line and no lower lows between them.
Resistance level is formed by the highs of two or more candlestick resistance that form a rather straight horizontal line with no trading highs between them. Support is a period without any trend, forming near support or resistance level, with the relatively small candlestick bodies. A close below the support level signals a short position. A close above the resistance level signals a long position. Stop-loss is set to the low of the previous candlestick for the long positions or to the high of the previous candlestick for the short positions.
Take-profit can be set relatively to the and or as a trailing stop of some sort. Please, disable AdBlock extension in your browser.
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