Support/Resistance Long Strategy
Chart TF: 4H
Indicators: 14 EMA, 40 EMA, Vortex Indicator 30, RSI 22, TRIX 10
I have been tweaking this simple, yet profitable, system for a few weeks and wanted to share it with the public to receive feedback/opinions.
This post will go over the long entry conditions, look at my profile for the short conditions (they are simply flipped).
Long Conditions:
1) 14 EMA > 40 EMA.
2) A bullish candle must break above a resistance level.
3) The price must be above both EMAs.
4) VI(+) > VI(-) by at least .15
5) RSI > 50
6) TRIX > 0
If all conditions are met, enter long.
Stop Loss:
1) Set SL to the closest support.
Take Profit:
1) Set TP 1:1 R/R with the stop loss.
In this recent 21 day stretch, 02/26/20 - 03/18/20, this strategy gave 6 successful long entries and over 500 pips on EURGBP.
Indicators: 14 EMA, 40 EMA, Vortex Indicator 30, RSI 22, TRIX 10
I have been tweaking this simple, yet profitable, system for a few weeks and wanted to share it with the public to receive feedback/opinions.
This post will go over the long entry conditions, look at my profile for the short conditions (they are simply flipped).
Long Conditions:
1) 14 EMA > 40 EMA.
2) A bullish candle must break above a resistance level.
3) The price must be above both EMAs.
4) VI(+) > VI(-) by at least .15
5) RSI > 50
6) TRIX > 0
If all conditions are met, enter long.
Stop Loss:
1) Set SL to the closest support.
Take Profit:
1) Set TP 1:1 R/R with the stop loss.
In this recent 21 day stretch, 02/26/20 - 03/18/20, this strategy gave 6 successful long entries and over 500 pips on EURGBP.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.