250 pip Support/resistance

FOR 100 PIP support/resistance system -
http://www.forexfactory.com/showpost...41&postcount=5

So as the name says. This is about 250 pip SUPPORT/RESISTANCE levels. By these levels I mean 1.7000; 1.7250; 1.7500; 1.7750; 1.8000 etc. I use SweetSpots indicator. Main levels are set by every 250 pips and sublevels are set by 50 pips.
I use this strategy on GBP/USD.
This system is very simple but effective. If SUPPORT/RESISTANCE level (250 pip level) is broken I go long/short. But there are many false alarms so I have added MACD.
As take profit I use next 250 pip level. Stop loss is a bit harder to explain.
So STOP LOSS. I like R:R ratio to be very good so I use small stoploss.
A picture will explain stoploss much better. See stoploss pic.

So again what we need:
I use h4 time frame
MACD - 5.13.1
S/R lines. You can draw them but it's much easier to use SweetSpots indicator.

So we go long if there are at least 2 closed candles on MACD above 0 line. No matter if candle is red or green. It's important that it is above 0 level and candle starts above / below S/R line. For short - opposite.

One more thing you should know - you can make your results much much much better if you set SL to BE if price goes 150 pips in your direction. So lets say your profit is 200 pips. Price goes to +140 pips but than it falls down. You lose money but if you would set SL to BE or + some pips after 100 pips you would still win. I hope you understand. That's how I do it.
In file that I have atached below you will se results without BE. If you would use BE you would make many more pips.

If signal candle is very long and TP is very smal and SL very big think twice! Enter trade only on first candle! If macd doesnt let you in, don't take this trade few candles later.


TRADE AT YOUR OWN RISK

Regards

Some things that could help you:

*Take trades if signal candle is below/above first Sublevel in your way. If SL is bigger, TP will be smaller! Make sure that you can take that risk!
(This means that your stoploss is going to be 100 pips or less and profit target about 220 pips. Very nice Risk:Reward ratio)
*Zoom chart out and see if there are some very strong trendlines or S/L levels.
*Put some MA's on your chart. They can help you escape some false signals.
(I use only 55 SMA. Price found support on it very often. But you can put on 89 SMA, 200 SMA or whatever and see if it helps you somehow)
*Very strong levels are Big round numbers like 1.7000; 1.6000 etc. Be careful with these levels.
*When you have X % of your profit, set SL to BE. (X cuz I cannot tell you how much. It depends on you and what market is doing)
*DISCIPLINE! To see what are results, test it on DEMO but exit when you have to exit! Don't take emotional decisions! If you want to try this on Live account, make sure that you can make profits on DEMO! When there will be real money at risk and you're going to see +100 pips and you start to think - Maybe I should take 100 pips ad get out? That's how it was with me when I started to trade. Just remember - DICIPLINE!
*Money management! Remember 2 % rule and 6 % rule.

We might have a signal in few hours!

PENDING ORDERS

When stoploss is too big, use pending orders to make your profits grow and make your losses get smaller.

Candle Nr.1 - price went through. When new candle started it started pritty much above 250 line. You would have to place SL of 140 pips and TP of 130.
you can see that later price fell down a bit.
If you would place pending order somewhere above 250 line you would make many more pips.

See for your self. Just backtest it.

Regards

100 PIP SUPPORT/RESISTANCE

So first of all this is almost the same as 250 pip S/R but in this case we use 100 pip S/R and H1 timeframe. I don't know why these levels work but see your self.. They work very well.
Rules are the same:
We go long if there are at least 2 closed candles on MACD above 0 line. No matter if candle is red or green. It's important that it is above 0 level and candle starts above / below S/R line. For short - opposite.

H1 time frame
MACD - 5.13.1
Sweetspots - main levels set by 100 pips, sublevels by 25

TP is set below/above next 100 pip line. You can exit because of Doji candles etc.

SL is set above/below Sublevel that is above/below 100 pip line where we enter.
You might like to use this one more, cuz on H1 chart you can chose to use or not to use BE and all that stuff.

Regards

It’s not possible to get right 100% percent. First question you can ask what went wrong. Sometimes it’s wrong analysis, sometimes it’s early entry, sometimes it could be emotional. Find that make a note of it and try not to do that again.