Simple Forex Support and Resistance Strategy

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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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