Forex Simple Support Resistance Trading Strategy
Forex Simple Support Resistance Trading Strategy:
Time frame: H1, H4 and daily.
Pair:all
Indicators:
Support and Resistance;
RSI(14) with level 65, 35.
Long Entry Position:
When the close is above the resistance and RSI (14) >65, an order is placed to buy the next bar at open.
Short Entry Position:
When the close is below the support and RSI (14)<35, an order is placed to sell the next bar at open.
Exit Position:
there are two stops used in this system and two option for profit target: 1) the protective stop is placed 40 pips (4H time frame), 70 pips (daily Time Frame)
below/above theSupport or Resistance; 2) the trailing stop not recommended; the Profit Target: 1) is placed 7 pips before the upcoming support or resistance; 2) 4H Time Frame 55 pips EUR/USD, 60 pips GBP/USD 40 pips USD/CHF, for Daily time frame 180pips EUR/USD , 220 pips GBP/USD, 150 pips USD/CHF.
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 Simple Support Resistance Trading Strategy?
- Download Forex Simple 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 Simple 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”.
Download Free Forex Simple Support Resistance Trading Strategy
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