The support and resistance trading system is mainly based on support/resistance trading. Trade only on the direction of the trend. This system is applicable to any currency pairs with a 1-hour timeframe.
WPR Slow, Support and Resistance indicator,
Targets and Stop loss:
Support and resistance lines
4 Red dots ( Resistance ) + Down Trend ( Red Bar )
The entry point is the next candle after the red bar and red arrow.
Open the trade AFTER the current candle is formed and closed.
4 blue dots ( Support ) + Up Trend ( Blue Bar )
The 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.Support/Resistance breakout Entry.
Sometimes, the 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 and not to follow the dots.
How to install Support And Resistance Forex Trading System?
Download Support And Resistance Forex 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 system
Right click on your trading chart and hover on “Template”
Move right to select Support And Resistance Forex Trading System
You will see Support And Resistance Forex Trading System is available on your Chart