A bit of spare time so i thought i'd post a system that i have been trading for sometime now. it's not ground breaking or 'holy grail' system so many on here waste their time searching for, it's just a solid simple system that is kind of an adaption of the 'fake or break' trading i posted about a many years ago (oh how old i feel)
basically make out SR areas on the weekly/ and used a breakout or fakeout of 4hr SR areas for entry. a few examples
WEEKLY to plot main SR areas
4HR for entry SR areas
...another example
I tend to use a time frame difference of 2 for SR line and entry. e.g. weekly/4hr, daily/1hr....if i'm daytrading then some times a greater difference 4hr/15mins, 1hr/5min.
hopefully this might help a few people out. it's simple and clean and works on all time frames and most of the time allows you to sent pending order, although i prefer if candle closes.
basically make out SR areas on the weekly/ and used a breakout or fakeout of 4hr SR areas for entry. a few examples
WEEKLY to plot main SR areas
4HR for entry SR areas
...another example
I tend to use a time frame difference of 2 for SR line and entry. e.g. weekly/4hr, daily/1hr....if i'm daytrading then some times a greater difference 4hr/15mins, 1hr/5min.
hopefully this might help a few people out. it's simple and clean and works on all time frames and most of the time allows you to sent pending order, although i prefer if candle closes.
Attached File(s)
Support and Resistance Breakout Arrows.ex4
14 KB
|
1,357 downloads
Attached File(s)
Support and Resistance Breakout Arrows.mq4
5 KB
|
1,651 downloads