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Support And Resistance Levels Strategy

Chris Moris | Published fri Jun 16, 2017 7:23 am | 3162 Views

This strategy implies the use of the DailyPivot_Ind2 indicator that helps us find the main support or resistance level.  The levels will be drawn automatically. The indicator is easy to find on the internet at no cost.

The following currency pairs are recommended in this strategy: EURUSD or GBPUSD.

Period: M30.

Stop Loss: 20 points

Take Profit: 35 points

The ShiftHours parameter should be set at 3.

Open long positions once the price has broken the blue line or the resistance level from below, as shown in pic.1

Pic. 1

Open short positions once the price has broken the blue line or the resistance level from above, as shown in pic.2

Pic. 2

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