Last updated:
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.
Level up your trading
Learn to read the chart — not just the indicator
eBook · Instant PDF
The Candlestick Playbook
Read and trade 40+ candlestick patterns — with exact entries, stops and exits.
Video Course · 12 modules
The Price Action Masterclass
Read clean charts the no-indicator way — pin bars, support & resistance, entries and exits.
Recommended MT4/MT5 Brokers
XM
- ✓ *FREE *$50 to start (withdrawable)
- ✓ Deposit bonus up to $5,000
- ✓ Negative balance protection
Trading forex and CFDs carries a significant risk of loss and is not suitable for everyone. Broker links are affiliate links — we may earn a commission at no cost to you.
Forex Strategy Download:
