it approaches the level it pulls back again and then again two more times (yellow highlights). Small Lower Wick (Red Highlight) The small lower wick shows us that sellers were not able to gain much ground either. Exit rules: when macd lines next crossover occurs. In this case we saw a transition of power from a bullish preceding trend to a bearish reversal trend separated by a stall on resistance. You need at least two connecting bounces to place a support and resistance area. A preceding trend can be formed by as little as one candle. Timeframes: Timeframes suitable for these strategies are the daily, 4h, 1hr, 30mins. (c) I prefer to place my stop loss at least 5 pips above the most recent swing high. Home, submitted by Edward Revy on February 28, :40.
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I use these support and resistance areas in conjunction with candlestick analysis to trade Forex. For example, traders may test next macd set ups: USD/CHF macd (04, 07, 16 EUR/USD macd (02, 03, 20 GBP/USD macd (02, 03, 04) for different time frames. But what they learn is usually useless. I have tried them all and I do not find them reliable. If you dont know the basics, thats fine, I got you covered! The Reversal Trend The reversal trend is the third and most important part of a reversal setup. But maybe you can learn something extra here. Get the big picture first, that is very important. By using two simple price action techniques. Entry rules: When the macd lines crossover appears enter (or wait for the price bar to close and then enter).