Support and Resistance Forex Monthly Strategy

Requirement :

1.Support Resistance(Horizontal or trendline)(Download From Here)
2.Default Stochastic Indicator
3.SSG Fbar Indicator (Download From Here)

Trading conditions:

Long trade entry:

• Identify where support zones exist on the monthly chart. That includes both horizontal support due to past lows/highs but also support due to falling or rising trendlines that connect several past lows or highs.

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• Look for a bullish signal to occur at the support zone. Either a bullish chart pattern or a bullish signal from the indicators.

Long trade stop loss:

• Place stop below the low of the bullish pattern

Long trade exit and targets:

• Place target at the next resistance higher

• Or exit when overbought levels are reached on the indicators.

Short trade entry:

• Determine the most important resistance zones on the monthly chart

• Look for convergence of bearish signals at resistance

• Enter once the above conditions are satisfied

Short trade stop loss:

• Stop behind the top of the bearish pattern

Short trade exit and targets:

• Target the next support down

• An oversold signal on momentum indicators can also be a reason for an earlier exit.

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