91# Earn Money With Support and Resistance
Momentum as timing
Price Action Momentum Trading
Submit by Maximo Trader
Earn Money With Support and Resistance is a Price action Momentum trading system based on support and resistance zone with momentum indicators. To help in the timing of entry I have also included an optional trend arrow indicator, to make trading easier for beginners with this forex strategy. In reality, the strategy is very simple you always have to wait for the price to react near the support and resistance areas. If there is a reaction, a rebound, it is checked with the momentum indicators (Awesome and Commodity channel Index). This strategy is suitable for both day trading and swing trading.
Setup Strategy
Time frame 30 min or higher. Best Time frame for day trading is H1.
Currency pairs: any.
Metatrader 4 indicators
Zig Zag arrow (43, 12, 5).
Support and resistance levels (optional) active with SR button on the screen.
Support and Resistance Zone indicator.
Arrow Trend Indicator (crossover arrow period 5-13). Optional.
Trading rules Earn Money With Support and Resistance
Buy
Price bounces on the Support Zone.
Sell arrow (optional).
CCI >-100, but not >100
Awesome green bar.
Sell
Price bounces on the Resistance Zone.
Sell arrow (optional).
CCI < +100 but not <-100.
Awesome red bar.
Exit position
At the support or resistance levels, before the opposite resistance/support zone, or, with ratio 1:1.25.
Place initial stop loss below/above the support and resistance zone.
Example of trades
