DislikedIm sorry i cant see it for me you could just as yeasy closed on the lines before that last line the price go to i could have closed at any of the 2 ones before. I dont see any difference ?Ignored
And if you think about it, the money is to be made between the levels. So the way to utilise these levels is not to trade at the levels but between them - unless you are very experienced.
In other words, wait for price to reverse from the level and then enter with momentum. A robust and simple way of doing that is to use a multiple timeframe momentum strategy.
As an illustration, put the attached indicator on a €/$ M1 chart for today and take a look at the sections of the chart where all four indicator rows are red. Plenty of "easy" pips to be had.
Please be aware that this is just an illustration, not a complete strategy. If you want to take a look at one, check out MissPips' MTF THV strategy on Cobraforex' THV thread. Comes complete with rules to follow and it works.
Hope that helps.
EDIT: I should also say that MissPips' MTF strategy is by no means the only one (simply search 'MTF strategy' and similar terms). Neither is it geared towards taking advantage of the FMRL levels as it is a scalping strategy. So, as always, do your own research and thinking.
MTF_Heiken_Ashi.mq4 9 KB | 182 downloads
Homeruns and capital preservation.