4# Simple Support and Resistance Strategy Trading System

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Time frame: H1, H4 and daily.

Pair:all

 

Indicators:

Support and Resistance;

RSI(14) with level 65, 35.

 

Long Entry Position:

When the close is above the resistance and RSI (14) >65, an order is placed to buy the next bar at open.

 

Short Entry Position:

When the close is below the support and RSI (14)<35, an order is placed to sell the next bar at open.

 

Exit Position:

there are two stops used in this system and two option for profit target: 1) the protective stop is placed 40 pips (4H time frame), 70 pips (daily Time Frame)

 


below/above theSupport or Resistance; 2) the trailing stop not recommended; the Profit Target: 1) is placed 7 pips before the upcoming support or resistance; 2) 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.

 


In the picture Simple Support and Resistance Strategy forex system in action.

Trading System: RSi MA_FullSSAaa

RSi MA_FullSSAaa
Trading System: RSi MA_FullSSAaa
RSi MA_FullSSAaa.rar
compressed file archive 1.9 KB
Forex Indicator
MT4 indicator Supporte and Resistance.ra
compressed file archive 1.7 KB

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Comments: 1
  • #1

    Roberto Quan (Sunday, 23 March 2014 00:30)

    hi, the file RSi MA FULLSAaa is not working for me. I have the metatrader 5
    and i am not able to make it work. Any ideas... i believe that the file is for
    metatrader 4 and i dont know what to do to convert the file to metatrader 5.

    alexquan2002@yahoo.com.mx