Use the support and resistance indicators on MetaTrader4 (MT4) to mark the recent swing highs and lows in price. This, in turn, can help identify the trend and spot potential reversals. Use the indicator as a trend confirmation and analysis tool.
Support and resistance are more than just lines drawn at price highs and lows on a chart. Support and resistance levels on a price chart are dynamic and may be horizontal, sloped, or projected. While drawing lines at recent highs and lows is one of the most basic forms of support and resistance, some new traders like to see the recent highs and lows marked on their charts. Having this gives a more pronounced picture of whether the price is rising or falling.
The indicator draws horizontal lines at recent swing highs and swing lows. During an uptrend the horizontal lines along both the swing highs and lows move up. When that no longer holds true, the uptrend may be reversing to the downside. For a downtrend the horizontal lines will be dropping. When they start to rise, the uptrend may be over and an uptrend may be starting.
This indicator draws dots along recent high points and low points. The lines extend out to the right until another new high or low forms, then a new line is drawn.
On the EUR-USD chart above the lines move with the price, forming higher horizontal lines along the highs and lows as the price makes upward progress. This helps spot the trend and also see when the trend is reversing.
Our system is simple. All you have to do is follow the price alerts and place an order on each currency pair then be prepared to follow the profit for a few minutes or hours if necessary, if you miss a trade entrance do not chase it! Remember that this is a system that requires you to execute the trade, therefore you are in control of the money management side. We call it semi-automated trading or copy trading.
Don’t be a fool. Risk only small amounts, some traders like to have an exposure that does not exceed 2-3% of their capital. Build some profit before you begin to run with this! In the near future we will supply a copy of our system to members. We will teach you what an algorithm is and how to use it in trading.
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