Forex Price Action Support Resistance Trading Strategy
Forex Price Action Support Resistance Trading Strategy;
Price Action is a key factor in determining if we are going to enter a trade or not.
Although the colored 21 SMA is an easy way to quickly see the current general direction of price,
Price Action ‐ due to a better overall picture so to speak ‐ further helps to confirm the direction of the trade.
in the case of a SELL we should look for recent Lower High(s) and/or Lower Low(s);
best if both occur but one of the two usually suffices to be on our side.
I repeat, we DO NOT always need both to occur otherwise we miss out on many good trades!!
A Double Top (possibly implying the end of an Upward Movement) also helps to confirm a possible SELL Entry.
For BUY set‐ups with respect to Price Action:
We look for Higher High(s) and/or Higher Low(s) to confirm a possible Entry, as viewed in the example below
A Double Bottom is another way of determiningthe end of a Downward Movement
which may also be useful in helping to confirm a possible buy entry. 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 Price Action Support Resistance Trading Strategy?
- Download Forex Price Action Support Resistance Trading Strategy.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 Price Action Support Resistance Trading Strategy?
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”.