Support and Resistance Dynamic
This is a good strategy for trending markets for it can take advantage of the profit that the market may offer. Fifteen minute time frame is advisable for this strategy and major pairs are the suggested pairs for this system. This system is trading during major breakouts of support and resistance.
For LONG entry:
- Wait for the previous candle to close.
- Take a position 1 pip above the red dot.
For SHORT entry:
- Wait for the previous candle to close.
- Take a position 1 pip below the blue dot.
You can use pending orders on this and it is valid until the next dot shows up. You can set stop loss on high of the set up bar for short, and low of the set up bar for long. Take profit must be 8 pips for EURUSD, 7 pips for AUDUSD and USDJPY, and 9 pips for GBPUSD.
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