Price action strategy
Support and Resistance with candles
is a price action strategy.
Buy/Sell Trade rules:
#1 correct time to trade:
(A) UK Session 2:00AM 3:00AM 4:00AM.
(B) US Session 8:00AM 9:00AM 10:00AM.
We always start to look for a potential
trade setup at the start of each
hour in either the UK session or the US
session.
The best entry time is always within
the first 30 minutes from the open of
the hour candle; however, we never
enter a trade near the close of the
hour candle because price may reverse
in the opposite direction.
After 40 – 45 minutes have past it is
best to wait for the next hour candle
to open to look for another setup but
it is ok to look for trades from say
9:00AM to 9:40AM.
#2 support & resistance:
You need price to open at the start of
the hour and bounce off of a major
S&R level then reverse back up/down
to buy or sell.
#3 entries:
Once the candle changes from red to
blue by 1 pip you will buy.
Once the candle changes from blue to
red by 1 pip you will sell as long as
it just bounced off of a major S&R
level using the tools explained above.
#4 stops and profit targets:
Your stop loss will be 1 to 5 pips
below the swing low of the current hour
candle you are trading.
Your take profit target will be the
closest level of support or resistance
using either the Whole Numbers or Pivot
Points or where price itself hit
in the past.
Financial Market: Indicies and Forex.
Time Frame 30 min or 60 min.
Whole Numbers or Pivot Points are lines
of Support and Resistance.
Entry & Exit & SL & TP
Here is a sell trade example selling
off of a major resistance “reversal
point” using 1 or more of the tools
and experience you just learned from
watching the videos above:
Buy Trade Example
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