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Profitable Support and Resistance Strategy for Trading Forex This support and resistance strategy works on any forex pair and gold. It is simple and profitable and it is the best trading strategy for beginners. In this article, I will share with you a step-by-step guide for trading this strategy. You will learn entry rules and important theory. First and foremost, in order to profitably trade support and resistance levels, you need to know how to identify them. You should know how to distinguish a significant structure level. I believe that you should look for a strong support or resistance strictly on a daily time frame. That structure should be historically significant. It means that it should be respected by the market at least 2 times, with a strong and clear reaction to that. Here is the example of a key support on EURUSD. The underlined key level was respected as the resistance, first, then, after a breakout, it turned into support and a strong bullish reaction followed. Above, you can see a perfect horizontal resistance level that was respected 2 time in a row in the recent past. Support and resistance levels that I showed you are truly significant. But, trading more than 9 years, I realized that the historic reaction of the market to a key level is not enough to make it reliable. I found one more important condition that strengthen a key level - a market trend. We will trade only supports that align with the market trend, meaning that we buy from such a support, if only the market is trading in a bullish trend. In the example above, NZDUSD is trading in a clear bullish trend on a daily. If we buy the market from the underlined support level, we will take a trend-following trade. That will be the best support level for buying the market from. We will trade only the resistances that align with the market trend. It means that we will sell from the resistance, only if the market is trading in a bearish trend. Look at AUDUSD on a daily. The pair is trading in a bearish trend. The resistance that I underlined will be valid for selling from, because shoring from that, we will trade with the trend. Please, realize that if you sell the market that is in an uptrend from a resistance level, you will go AGAINST the trend. The probabilities of winning such a trade will always be lower. You can see the EURNZD went through a resistance level, completely neglecting that, because the market trend was bullish. Buying a key support in a bearish trend, we will take a trade against the trend. Such trades always have lower accuracy. A key support on EURCAD was easily broken because the market was trading in a bearish trend. Now, let's discuss th e entry point, stop loss placement and target selection. Once you identified a key resistance in a bearish trend, set a sell limit order on that. On EURGBP, the market is trading in a bearish trend on a daily. We see a significant resistance that meets our criteria. We should set a sell limit order on that. Stop loss for the trade will be 0.5 ATR. I simply take the default ATR settings with 14 Length. In our example, ATR is 27 pips. Our stop loss for the trade will be 14 pips above the entry level. Take profit for the trade will be the closest support. Here is the closest support that I spotted on EURGBP. It will be our TP level. You can see that the market perfectly reached the target. Once you identified a key support in a bullish trend, set a buy limit order on that. I see a perfect daily key support on EURJPY pair. The market is trading in a strong uptrend. A buy limit order should be set on that level. Stop loss for the trade will be 0.5 ATR. ATR is 139 pips. Our stop loss will be 70 pips. Take Profit will be the closest daily resistance. 311 pips of profit were made. Market trend is always your friend . The rule to trade support and resistance levels only in the side of the trend is very simple, but many newbie trades neglect that, and lose a lot of money. Try this support and resistance strategy, back test it on different forex pairs and let me know your results. Thanks for reading! ❤️Please, support my work with like, thank you!❤️
OANDA:XAUUSDEducation
by VasilyTrader
20
Exploring Renko Charts: Simple Trading Strategies for Success Today, I'm excited to introduce you to two effective trading strategies designed for Renko charts. Renko charts, unlike traditional Japanese candlestick charts, focus solely on price movements, offering traders a unique perspective on market trends and opportunities. Before diving into the strategies, let's first understand the basics of Renko charts and how they differ from Japanese candlestick charts. Renko charts are renowned for their: Absence of time: Renko charts disregard time intervals, concentrating solely on price movements. This feature helps filter out market noise, allowing traders to identify clear trends. Uniformity: Each brick on a Renko chart represents a fixed price movement, ensuring uniformity across the chart. This consistency aids in trend identification and reversal spotting. Trend identification: Renko charts excel at identifying trends due to their focus on price movements. Traders can swiftly discern trend reversals or continuations by analyzing brick patterns. Reduced noise: By filtering out minor price fluctuations, Renko charts offer cleaner data, making it easier for traders to identify significant price movements and trends. In contrast, Japanese candlestick charts focus on time intervals and include all price movements within the selected period. Both chart types have their advantages, but for our strategies, we'll be using Renko charts. Now, let's delve into the strategies: 1. Buy Green, Sell Red (with and without 13 EMA): This straightforward strategy involves buying when a green candle appears and selling when a red candle emerges. Option 1: Implement this strategy with a 13 EMA (Exponential Moving Average). Buy when a green candle closes above the 13 EMA line and sell when a red candle touches the 13 EMA line. Option 2: Execute the strategy without the 13 EMA. Simply buy on green and sell on red. While Option 1 may yield slightly delayed entries and exits, it provides additional confirmation, especially during volatile market conditions. Consider automating this strategy with an algorithmic trading bot for seamless execution. 2. Strategy that forecasts the market?: This strategy tells you if the market will go up or down after a important for example economic meeting! So, if you are interested in this strategy than write down in the comment and like (boost) this educational idea, if we get 100 likes (boosts) than I will make Part 2. Please note: When you have a basic plan, than you can just open Renko chart above 1 day time frame, you can also work good on 1 day, but if you want to see Renko chart on Intraday time frame than you need to have Premium plan. Upgrade now for intraday best experience using RENKO chart: Upgrade now
Education
by smarttrader012
4
10 EMA strategy ^BEST TREND-FOLLOWING STRATEGY^Welcome! Today, I'm excited to share with you one of the most effective trend-following strategies that is adaptable to any timeframe and asset class ( OANDA:XAUUSD , NSE:NIFTY , FX:USDCHF ), boasting a remarkable risk/reward ratio of up to 1:10. Let's dive right in. As mentioned, this strategy revolves around the Exponential Moving Average (EMA), specifically the 10-period EMA. For those unfamiliar, the EMA places greater emphasis on recent price data compared to a Simple Moving Average (SMA), providing a dynamic view of market trends. When the price on your chart is above the 10 EMA, it signifies a bullish trend; conversely, when the 10 EMA is above the price, it indicates a bearish trend. Let's illustrate with an example: Imagine a bullish trend with four consecutive green candles followed by a red candle. Our entry point occurs when this red candle, the trigger candle, fails to touch the 10 EMA. Subsequently, when a green candle crosses above the high of the trigger candle, we enter the trade. Setting our stop loss (SL) just below the EMA line beneath the trigger candle, we establish our take profit (TP) based on a risk/reward ratio, starting at 1:2 and potentially reaching an impressive 1:10. Trailing the 10 EMA line allows us to stay in the trade longer, albeit experiencing initial stop-loss hits. However, perseverance reveals the strategy's efficacy over time. Now, for short positions, such as during a downtrend characterized by three red candles followed by a green candle, our entry occurs when the low of the green candle is breached by the subsequent red candle. Setting the SL just above the EMA line above the trigger candle and TP based on the risk/reward ratio, we execute the trade. For those interested in trailing stops, there are two options: firstly, trailing along the 10 EMA line; secondly, utilizing the Average True Range (ATR) for algorithmic trading enthusiasts. With this strategy's flexibility and potential for significant returns, it offers traders a robust approach to navigating diverse market conditions. ***Here are 2 examples of Long & Short: Long position in BINANCE:SOLUSDT www.tradingview.com Short in FOREXCOM:EURCAD It's crucial not only to grasp the concept of this strategy but also to put it into practice. 💼 Start by implementing it with small capital or utilize paper trading, which platforms like TradingView offer. 📝 Additionally, don't hesitate to experiment. For instance, try using an 11-period EMA and assess its effectiveness. You might find that it better suits your trading style and objectives. 🧪💡 Remember, trading is a journey of discovery! 🚀 Don't be afraid to explore new strategies and techniques along the way. 🌟 Like (boost), follow, comment, and share this strategy to spread the knowledge and empower fellow traders! 📈🚀👍 For the optimal TradingView experience, upgrade now to unlock the platform's full potential: www.tradingview.com
NASDAQ:TSLAEducation
by smarttrader012
Finding That Perfect Strategy When it comes to choosing the best strategies, most traders are often hoaxed into believing that there's a perfect strategy that works irregardless. The stream of loosing trades that comes after they've purchased or spent alot in implementing the strategy contradicts this. Well that's true for the most part. Indicators on the other hand, considered to be lagging, depending on the way they're used can be of great help but also misleading to some point. I once read an article that said to learn, we must unlearn what we've learnt. The way we're used to using indicators may or may not be the correct way they're to be used. Now most people have indicators in their strategies for confluence. I can't for sure say that that's right or wrong because trading isn't about what you see, it's about how you see the markets, and how you interpret that info. It's also about how you handle yourself before and after trades. Your reactions to the outcome of any trade, be it a winner or a loser. So whatever the things that make up your stategy, its all up to you to decide. Because what works for you might not work for me for obvious reasons. Intensively testing a strategy to find out if it works or not before trading in the live markets is the best way to ensure that you understand what you're doing. Its also one way train yourself to take responsibility of whatever outcome the trade you've taken brings. So when you place a trade you always know why you're doing it. Let me know what you think in the comments section.
CAPITALCOM:BTCUSDEducation
by thedoggrucci
2
BTCUSD ENTRIES. BTC WILL MOON SOONAs the mini bearish trend (correction) for btc seems to come to an end, btc will look to hit support at the all time highs. I am very confident that BTC will surpass 60k and will not look back into the 40k and 50k ranges. But as we all know, nothing is guarantee, With my simple price action strategy you will be ready to go for any situation that hits you for max profits. Message me if you want to know how and why my strategy works. Love helping yall achieve what we all want to achieve. When resistance breaks (red) enter for a buy When support breaks (green) enter for a sell. Bonus: Sell right before resistance breaks with a clear mfi indication (15-20 pip loss if it goes south) Buy right before support breaks with a clear mfi indication (15-20 pip loss if it goes south) COMMENT OR MESSAGE ME IF YOU WANT ME TO EXPLAIN HOW MY SCALPING STRATEGY WORKS FOR THE 15M-1HR TIMEFRAME
BITSTAMP:BTCUSDLong
by HustlersCircleFX
2
ETHUSD ENTRIESETH is about to touch all time high resistance back in the middle of February. I believe that ETH not only kiss the resistance but bypass it and continue to moon. Correction seems to be over. But as always, nothing is guarantee. My Simple price action strategy will assure you with big gains with little losses. Message me if you want to know how to utilize my strategy. Love helping yall achieve what we all want to achieve. When resistance breaks (red) enter for a buy When support breaks (green) enter for a sell. Bonus: Sell right before resistance breaks with a clear mfi indication (15-20 pip loss if it goes south) Buy right before support breaks with a clear mfi indication (15-20 pip loss if it goes south) COMMENT OR MESSAGE ME IF YOU WANT ME TO EXPLAIN HOW MY SCALPING STRATEGY WORKS FOR THE 15M-1HR TIMEFRAME
BITSTAMP:ETHUSDLong
by HustlersCircleFX
EURUSD ENTRIES. Simple and the best strategymy strategy will work with you to maximize your pip gains if it goes either direction. Simple price action strategy Message me if you want to know how to utilize my strategy When resistance breaks (red) enter for a buy When support breaks (green) enter for a sell. Bonus: Sell right before resistance breaks with a clear mfi indication (15-20 pip loss if it goes south) Buy right before support breaks with a clear mfi indication (15-20 pip loss if it goes south) COMMENT OR MESSAGE ME IF YOU WANT ME TO EXPLAIN HOW MY SCALPING STRATEGY WORKS FOR THE 15M-1HR TIMEFRAME
by HustlersCircleFX
4
NATCOPHARM Can Be Good For Holding From HereNSE:NATCOPHARM We can add this script in our portfolio for long run lets discuss about chart view first and then target and sl. As you can see on chart it was correcting from long time ago and as per price action rules, Stock will start doing consolidation after a huge fall or huge bull run.. The same scenario visible with this scrpt. After looking at current consolidation we can say there can be huge bull run possible in comming days. You can keep in Watch-List If you don't want to participate this you can keep your view on this. Let's look at level : Entry : 835 Target : 900++ SL : 775 Thnaks, -UD Trend Disclaimer : All Suggestions And Calls Will Be Pure Educational & Self Examination Purpose Only You Can Take Advise Of Your Financial Advisor As Secuirity Market Linked With High Risk.
NSE:NATCOPHARM
by NayanBhatt
1
Transaction History From 20 Jun 2020 to 30 Jun 2020Transaction History From 20 Jun 2020 to 30 Jun 2020 1. GBPCAD entry 22 Jun: Target reached 1:1 2. GBPCHF entry 22 Jun: Cancelled order 3. GBPCAD entry 22 Jun: Target reached 1:2 4. USDJPY entry 26 Jun: Target reached 1:2 5. NZDUSD entry 26 Jun: Target reached 1:1 6. EURUSD entry 26 Jun: Target reached 1:3 7. GBPAUD entry 29 Jun: Cancelled order 8. NZDCAD entry 29 Jun: Target reached 1:2 9. GBPCHF entry 29 Jun: Cancelled order 10. EURJPY entry 29 Jun: Cancelled order 11. EURCHF entry 29 Jun: Stop reached 12. EURGBP entry 29 Jun: Cancelled order 13. EURCAD entry 29 Jun: Cancelled order 14. GBPCHF entry 29 Jun: Target reached 1:2 15. EURAUD entry 30 Jun: Stop reached 16. EURGBP entry 30 Jun: Stop reached 17. GBPAUD entry 30 Jun: Cancelled order 18. GBPNZD entry 30 Jun: Cancelled order SUMMARY: TOTAL ENTRIES: 18 WIN: 7 entries LOSS: 3 entries Cancelled: 8 entries
by Mas_Kahfi