Support And Resistance Forex Trading System


Support And Resistance Forex Trading System

The support and resistance trading system is mainly based on support/resistance trading. Trade only on the direction of the trend. This system is applicable to any currency pairs with a 1-hour timeframe.

MT4 Indicator:

  • WPR Slow, Support and Resistance indicator,
  • 4H Fractals/Dots
  • Targets and Stop loss:
  • Support and resistance lines

Sell Entry:

  1. 4 Red dots ( Resistance ) + Down Trend ( Red Bar )
  2. The entry point is the next candle after the red bar and red arrow.
  3. Open the trade AFTER the current candle is formed and closed.

Buy Entry:

  1. 4 blue dots ( Support ) + Up Trend ( Blue Bar )
  2. The entry point is the next candle after the blue bar and blue arrow formation.
  3. Open the trade AFTER the current candle is closed.

Targets and stop loss:

  • For targets we are going to use support and resistance lines.
  • Red / pink lines = Targets for sell trades
  • Green lines = Targets for buy trades
  • White line = Pivot point

For Stop loss, use the last support and resistance levels. Or the last opposite dots.Support/Resistance breakout Entry.

Sometimes, the price would break the last support or resistance but the fractals indicator would not produce any new dots.

In this case, you can enter the trade after the breakout even if you didn’t get a new arrow in the direction of the breakout.

Remember, the idea here is to trade support and resistance levels and not to follow the dots.

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