Forex Power Support Resistance Trading System
Forex Power Support Resistance Trading System:
This system is mainly based on
support/resistance trading,
in the direction of the major trend.
The indicators we are going to use are :
Trend indicator :
WPR Slow, Support and Resistance indicator :
4H Fractals/Dots
Targets and Stop loss:
Support and resistance lines
SYSTEM RULES
SELL SIGNAL_
1 Hour chart , any currency pair.
4 Red dots ( Resistance ) + Down Trend ( Red Bar )
Entry point is the next candle after the red bar and red arrow. Open the trade AFTER the current candle is formed and closed.
BUY SIGNAL_
1 Hour chart, any currency pair.
4 blue dots ( Support ) + Up Trend ( Blue Bar )
Again, entry point is the next candle after the blue bar and blue arrow formation. Open the trade AFTER the current candle is closed.
Targets and stop loss:
For targets we are going to use support and resistance lines.
Red / pink lines = Targets for sell trades
Green lines = Targets for buy trades
White line = Pivot point
For Stop loss, use the last support and resistance levels. Or the last opposite dots.
For example, when you enter a long trade – buy trade – use the last entry dots as your stop loss.
And when you enter a short trade – sell – then use the last entry dots as your stop loss.
Support/Resistance breakout Entry:
Sometimes, price would break the last support or resistance but the fractals indicator would not produce any new dots.
In this case you can enter the trade after the breakout even if you didn’t get a new arrow in the direction of the breakout.
Remember, the idea here is to trade support and resistance levels. Not to follow the dots!
In forex a trading strategy is a fixed plan that is designed to achieve a profitable return by going long or short in markets. The main reasons that a properly researched trading strategy helps are its verifiability, quantifiability, consistency, and objectivity.
For every trading strategy one needs to define assets to trade, entry/exit points and money management rules.
How to install Forex Power Support Resistance Trading System?
- Download Forex Power Support Resistance Trading System.zip
- Copy mq4 and ex4 files to your Metatrader Directory / experts / indicators /
- Copy tpl file (Template) to your Metatrader Directory / templates /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your forex strategy
- Load indicator on your chart
How to uninstall Forex Power Support Resistance Trading System?
To shut down an indicator, one has to remove it from the chart. At that, its drawing and recalculation of its values will stop. To remove an indicator from the chart, one has to execute its context menu commands of “Delete Indicator” or “Delete Indicator Window”, or the chart context menu command of “Indicators List – Delete”.
