73# U-Turn Support and Resistance Strategy
Price action strategy go and reversal
Stochastic oscillator filter
Submit by Dimitry
U-turn is an indicator that automatically detects support and resistance levels.
At the same time it shows them on historical data !!!
This allows you to analyze the processing of the most significant price levels together with the vehicle or the switchman in the chronology.
This is the main meaning of this indicator. And this is his difference from the other level indicators.
* Bar Start Calculation - the calculated bar determines the number of the bar from which the level calculation starts;
* Power levels: power levels determine their meaning;
* Conditions for the alarm - conditions for the alert (signals on a new spark plug):
* the candle has gone out beyond the level of the body (ie closed behind the level);
* the candle went beyond the level of the body or of the shadow (that is, it touched the level, but it could close it both above and below);
* Show current levels - show or not current levels (those that are visually constructed and to which the price has not yet reached).
U-turn with stochastic oscillator
time frame 5 min , 15min, 30min, 60,min
Currency pairs : Majors and minor. Commodities: Gold and Silver and Indices.
U-Turn defalut setting
Stochastic oscillator (5, 5,5).
Trading rules with u-turn support and resistance
Price close above orange Support and Resistance and Stochastic oscillator crosses upward.
Price bounce on acqua support and Resistance and Stochastic crosses upward.
Price close below acqua Support and Resistance and Stochastic oscillator crosses downward.
Price bounce on arange support and Resistance and Stochastic crosses downward.
Stop loss above/below Support and resistance level.
Profit Target fast o when stochastic croosses in opposite direction in OS/OB area.
This is not a strategy for beginners but for traders who are already familiar with trade based on support and repetition. The Stochastico is optional .. Congratulations to the developer of the indicator for sharing it free. The indicator is professional. The strategy is winning but you have to start training at H1 because the market is slower and you can think more calmly.
In the pictures U-Turn Support and Resistance Strategy in action.
Share your opinion.
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