4# Simple Support and Resistance Strategy Trading System
Submit by Forexstrategiesresources
Time frame: H1, H4 and daily.
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.
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
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