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The Support Resistance Switch Method
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Hi Traders,Trading is a lonely business. I started this thread to share with you guys a simple support and resistance switch method. Many of you have heard of the switch zone. You can simply google it and find many information about it. But most of the strategies given are very vague. Most of them are telling you to wait for the price to come into the switch zone and wait for a reversal pattern but i find that it will be too late and too objective. I am going to share how i trade the switch zone. I am not sure if anyone else is trading this way but i came up with this idea whilst combining all the information i learnt at this forum.1) Draw a horizontal line upon the recent s/r switch zone WITH the trend. How to define a trend is very objective. I recommend Mr pip"s thread for his insights on higher high and lower low definition.2) Wait for price to come near the zone. I set a trigger alert 12 pips before the level. Set a limit order when it is closeby. Do not trade during red news hours. (common sense)3) Trade the level.The catch here is how do you draw the horizontal line. This is very important. I look for wicks with TWO touches at least. Then price must BREAKOUT from the wicks and close better higher/lower, the stronger it breaks out, the stronger the signal. Or a very strong reversal candle formation at the previous levels. Then i place a line at the top of the wick and set a limit order there.I only use M30 and H1 to find the levels as it is clearer this way to me and the trend is quite established and not TOO established for my MM.MM:- I use 11 pips stoploss and 10 pips takeprofit for Euro, USDCAD, USDJPY, AUDUSD and NZDUSD. I use 12 pips stoploss and 11 pips takeprofit for GBPUSD and all other minors. Except for GBPJPY, i use 16 pips stoploss and 15 pips TP for that pair.The pairs i am trading now are:-euro, usdjpy, usdcad, audusd, nzdusd, gbpusd, euraud, eurcad, eurjpy, audjpy, cadjpy, audcad, audnzd, gbpjpy, eurgbpTrading hours:- I trade from late asian session to NY lunch session which is around 1PM new york time.I will post the charts as below. Arrows are my entries. These are the four most recent trades i took today and yesterday.DISCLAIMER: I am at best a breakeven trader and a little in green for now. Please trade this method at your own risk. I DO NOT claim a 80% winning percentage of this method because that would be a lie like most of the thread starters here trying to get into commercial interest later. Always follow the 2% risk advice. I am currently using 1.8% and sometimes 0.9%(half) for each trade. |
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