What are the Top Four Indicator's you use to predict a reaction on the support or resistance line and how do you know if its a true support or resistance in the first place?
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Trader Forex 12 May at 15:00
First of all I don't predict a reaction. I wait for reaction to be confirmed. If I see turning candle stick pattern on hourly chart, I do not believe that it is a right signal to enter the position. Zoom in that candle with 5 min or 1 min chart and study ABC turn. But still, don't enter the position on C1 (MOF-money on the floor). WAIT for break B!
Because this break is confirmation of turning point. Put stop loss order under A.
Take profit when money managment is satisfied (1:2,1:3). There is a lot more about taking the profit. Position management.
ABC trend trading strategy
