level. Here is another strategy called. Our stop loss should be placed on the other side of the zone and not too close to the level to give it some space. You can always discuss Support and Resistance Strategy with the fellow Forex traders on the. What indicator are we using for this strategy? Our Fibonacci channel strategy, and the Red zone strategy are very similar and will help you in understanding exactly what these so-called "zones" are as well so you can check them out also if you wish! Now that we know the role of S R Lines, which from now on we will call Zones. That's because it already did that before in the past and it will continue to do so in the future as traders will always take caution on these levels. When you are doing support and resistance trading, a line with multiple touches is far better off as it is clear that it stood against the price and passed the test many times and it will continue to.
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In this chart we see forex trading hours the price action approaching support and actually almost touched the support so we wait to see the form and shape of the next candle. Knowing the type of candle is crucial to identify whether the entry is valid or not. To be honest, this is, in our opinion, the best way to trade support and resistance. Thats because support and resistance are not a given line. Take a look at the candlestick pattern and ask yourself: Is it a bullish or bearish candle? How to trade support and resistance levels? Basically, the higher time frame takes less time and attention than the smaller time frame. . Use this strategy at your own risk. The PPG Forex Trading Strategy. Take-profit can be set relatively to the stop-loss or as a trailing stop of some sort.
Forex key support and resistance strategy