Set And Forget Forex Support and Resistance Strategy For MT4
The Set And Forget Forex Support and Resistance Strategy For MT4 is a trading system which is of great benefit to traders who are looking for reliable and uncomplicated trading strategies to deploy within the financial trading markets. This trading system relies on one of the key aspects in trading known as resistance and support.
Support and resistance is an important framework on which to build any trading system upon and therefore its application here in this strategy is no exception. Resistance is a key point in the market where buying pressure is rejected by overpowering selling pressure due to oversupply in the market. Then support is when a zone in the market gets overwhelmed by buying pressure meaning that selling beyond that specific zone is no longer supported due to the strong state of demand in the markets.
As per the indicator assigned to this strategy - the Trading Days indicator is the main indicator, it has proven to be an effective and highly useful indicator in helping traders to correctly determine the prices for the day relative to the minimum and maximum values whilst assigning the name of the day of the week when those maximum and minimum values occurred for ease of reference. The settings are specified in the general guidelines so traders need to ensure that they copy those specifications as described therein.
Once the settings have been implemented then the trader may flex their analytical minds and virtual triggers by being on the lookout for buying and selling opportunities which are identified as follows by the accompanying entry rules of each case.
So for buy signals and buy entries the trader may enter a buy trade whenever they notice that the last bar of the day closes below the Gainsboro line - however it is not a market-execution order because the trader has to set a pending order just above the next resistance of the Gann square indicator. The sell setup follows a similar but opposite logic. Then stop losses should be set 2 pips below or above the previous 4 hour bar of the previous day - profit target is ten pips for this strategy.
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