The Support and Resistence with Ribbon strategy for intraday trading

Support and Resistence with Ribbon trading strategy It is designed for day trading and is based on the use of levels support и resistance with complex signal filtering.

Input parameters

• Currency pairs: any, including cryptocurrencies
• Timeframe: M15 and M30
• Trading times: London, New York
• Risk management: after calculating the stop-loss, choose the volume of the lot or option, so that the risk was not more than 2-5% of the deposit per trade

Used indicators

• Support and resistance proffessional tool
• MA ribbon (55 21 moving averages)
• Dibs (optional)
• EMA (5, close)
• Awesome oscillator (default settings)

Setting up the price chart

• Unpack the archive
• Copy the template into the templates folder
• Copy the indicators to the folder MQL4 -> indicators
• Restarting the terminal
• Open the chart of the desired currency pair
• Install the template named Support and Resistence with Ribbon

The schedule should look like this:

Signals indicating the opening of a long position

• The price is above the level of the Support and Resistence indicator;
• The Ribbon indicator bar is blue;
• The Awesome indicator bar is green;
• The price is above the EMA (5).

Signals indicating the opening of a short trade

• The price is below the level of the Support and Resistence indicator;
• The Ribbon indicator bar is yellow;
• The Awesome indicator bar is red;
• The price is below the EMA (5).

Setting Stop Loss and Take Profit Orders

• stop loss is set at a distance of 20-25 points from the opening price;
• Take Profit is set at 15-25 pips or near the next Support and resistance indicator line.

According to traders' observations, in some situations, the trading signals of the Support and Resistence with Ribbon strategy may lag, but the overall profitability and effectiveness of the strategy does not suffer from this.

Before using Trading Strategies Support and Resistence with Ribbon If you have a real deposit, be sure to test it on a demo account.

Download Support and Resistance with Ribbon Strategy Template and Indicators

Other profitable strategies for trading