The Support Turned Resistance-Resistance Turned Support Forex Trading Strategy is a based on the fact that sometimes, a support level which has been broken will act as a resistance level when price goes back up to it. Here’s an example of a STR.
On the chart below, Notice the the blue area is is the support zone that was broken…
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Price went down and later came back up and was pushed back down in that zone. It became a resistance zone.
Similarly, a resistance level broken by price tend to act as a support level when price comes back down to the level. Here’s an example of a RTS:
So that is the basics of what this STR & RTS forex trading strategy is all about.
Timeframes: Any
Currency Pairs: Any
Indicators: you don’t need any
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BUYING RULES FOR RESISTANCE TURNED SUPPORT
- Once Resistance Level is broken, wait until price starts to fall back down to the the resistance level it broke.
- Different types of orders can be used to enter into a trade: for buy stop order wait until a candlestick touches the level and place your order 2-5 pips above the high of that candlestick. Buy limit orders can be placed 2-5 pips above the resistance turned support line. Or you can buy immediately at market once price hits that level.
- Place your stop loss 10-30 pips below the resistance turned support line if you use buy limit and market orders. For buy stop orders, place 2-5 pips below the low of the candlestick that touches that line.
- For take profit targets, look for previous significant swing high and place your profit targets within that.
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SELLING RULES FOR SUPPORT TURNED RESISTANCE
- Once Support Level is broken, wait until price starts to rise up to the the support level it broke.
- Different types of orders can be used to enter into a trade: for sell stop order, wait until a candlestick touches the level and place your order 2-5 pips below the low of that candlestick. Sell limit orders can be placed 2-5 pips below the support turned resistance line. Or you can sell immediately at market once price hits that level.
- Place your stop loss 10-30 pips above the support turned resistance line if you use sell limit and market orders. For sell stop orders, place 2-5 pips above the high of the candlestick that touches that line.
- For take profit targets, look for previous significant swing lows and place your profit targets within that.
DISADVANTAGES OR THIS STRATEGY
- price does not always come back to a broken support level or resistance level
- and when it does come, sometimes it does not obey it.
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ADVANTAGES OF THE SUPPORT TURNED RESISTANCE AND RESISTANCE TURNED SUPPORT FOREX STRATEGY
- any trade that goes according to plan tends to give very good risk to reward ratio.
- the use of reversal candlesticks can really enhance your sell or buy signal
- this is one trading setup and method that many professional traders use and its worth knowing
- this is a 100% price action trading and you do not need any other forex indicators
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