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Simple Forex Support and Resistance Strategy
This system is based on 1 hour, 4 hours and daily timeframe and applicable to all currency pairs.
Forex Indicators:
- Support and Resistance;
- RSI(14) with level 65, 35.
Long Entry:
- When the close is above the resistance.
- RSI (14) is greater than 65
- Place an order to buy the next bar at open.
Short Entry:
- When the close is below the support.
- RSI (14) is less than 35.
- Place an order to sell the next bar at open.
Exit Position:
- Place 40 pips in a 4 hour timeframe and 70 pips on a daily timeframe below/above the Support or Resistance;
Profit Target:
- Placed 7 pips before the upcoming support or resistance;
- 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.
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