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Psycho Level Forex Support and Resistance Strategy
This is a price action trading system that works on 15 minute timeframe or higher. This is applicable to all currency pairs.
Forex Indicators:
- Awesome,
- Bollinger Bands (20, 2)
- Support and Resistance indicator or draw (Support and resistance)
Long Entry:
- Price must break to a PSYCHOLOGICAL level of resistance.
- Awesome Oscillator is GREEN.
- Enter long when the price to close ABOVE the UPPER band of the Bollinger bands.
Short Entry:
- Price must break to a PSYCHOLOGICAL level of Support.
- Awesome Oscillator is Red.
- Enter long when the price to close Below the Lower band of the bollinger bands.
Exit Position
- Trailing stop
- Target Profit ( example H1 EUR/USD 20 pips GBP/USD 25 pips, AUD/USD 16 pips).
- Stop Loss: 5 pips above the support for Short Entry, 5 pips below the resistance for Long entry.
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