Support and Resistance with candles ~ forex market hours clock widget
Price action strategy
Support and Resistance with candles is a price action strategy.
Buy/Sell Trade rules:
#1 correct time to trade:
(A) UK Session 2:00AM 3:00AM 4:00AM.
(B) US Session 8:00AM 9:00AM 10:00AM.
We always start to look for a potential trade setup at the start of each
hour in either the UK session or the US session.
The best entry time is always within the first 30 minutes from the open of
the hour candle; however, we never enter a trade near the close of the
hour candle because price may reverse in the opposite direction.
After 40 – 45 minutes have past it is best to wait for the next hour candle
to open to look for another setup but it is ok to look for trades from say
9:00AM to 9:40AM.
#2 support & resistance:
You need price to open at the start of the hour and bounce off of a major
S&R level then reverse back up/down to buy or sell.
#3 entries:
Once the candle changes from red to blue by 1 pip you will buy.
Once the candle changes from blue to red by 1 pip you will sell as long as
it just bounced off of a major S&R level using the tools explained above.
#4 stops and profit targets:
Your stop loss will be 1 to 5 pips below the swing low of the current hour
candle you are trading.
Your take profit target will be the closest level of support or resistance
using either the Whole Numbers or Pivot Points or where price itself hit
in the past.
Financial Market: Indicies and Forex.
Time Frame 30 min or 60 min.
Whole Numbers or Pivot Points are lines of Support and Resistance.
Entry & Exit & SL & TP
Here is a sell trade example selling off of a major resistance “reversal
point” using 1 or more of the tools and experience you just learned from
watching the videos above:
Buy Trade Example
More info for Support and Resistance with candles ~ forex market hours clock widget:
