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Forex support and resistance pdf


forex support and resistance pdf

this strategy in action! Conclusion : Now we have learned from this Support and Resistance strategy how to draw Zones and how to trade them successfully. The Qualities of a strong candle are: Long body, formed after the previous touched the level but could not break. So what exactly are these key areas? Our indicators for this strategy will be price action and its relationship to Support and Resistance.

Also, read trading discipline which is an important skill for successful trading. This example shows us how a strong candle should look like as we see how the strong candle over power the one before. We also should see a strong piercing candle that effortlessly breaks that level to assure it will continue on the same way. Trading support and resistance, and discovering support and resistance zones are pivotal to your trading success. Is it strong or weak? This allows us to easily spot where the price would probably reverse. While in the second case ( the candle on the right that we marked we had a very small candle which did not mean anything except that the resistance stalled the price for a while. On the first case ( the candle on the left that we marked for you clearly, the price fell on the next candle which made it a valid reversal. When you can identify the kind of candle then you will be able to decide whether to sell short or buy long. Alternatively, the smaller time frame has more signals as the zones may get hit more frequently. So, we wait to see what will happen with the next candle. So according to the rules of this strategy, below is an example trade: We used a 3 to 1 RR but you can adjust according to your rules.

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