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.


Forex Trading Strategies Installation Instructions

Simple Forex Support and Resistance Strategy is a combination of Metatrader 4 (MT4) indicator(s) and template.

The essence of this forex strategy is to transform the accumulated history data and trading signals.

Simple Forex Support and Resistance Strategy provides an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.

Based on this information, traders can assume further price movement and adjust this strategy accordingly.

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How to install Simple Forex Support and Resistance Strategy?

  • Download Simple Forex Support and Resistance Strategy.zip
  • *Copy mq4 and ex4 files to your Metatrader Directory / experts / indicators /
  • Copy tpl file (Template) to your Metatrader Directory / templates /
  • Start or restart your Metatrader Client
  • Select Chart and Timeframe where you want to test your forex strategy
  • Right click on your trading chart and hover on “Template”
  • Move right to select Simple Forex Support and Resistance Strategy
  • You will see Simple Forex Support and Resistance Strategy is available on your Chart

*Note: Not all forex strategies come with mq4/ex4 files. Some templates are already integrated with the MT4 Indicators from the MetaTrader Platform.

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