Continuation Short off of MA and Previous Support turned Resistance. I’m testing a strategy I found on YouTube. It seems like the goal is to use Ma and higher timeframes to determine overall trend and then use support and resistance areas in combination with ma to find entry in direction of overall trend. I believe strategy was only tested on GBP NZD and had about a 60% win rate . I believe the stops ands tps were to always be set to either 20 pips or 50 depending on ATR but I am not sure 100% sure and may have set those incorrectly. Also I’m not sure if those old S/R are valid anymore but I used them because this pair hadn’t been at this level for a significant period of time. If you want to see the strategy breakdown it’s on The Trade Channel on YouTube and I am likely not doing it any justice.
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Appears to be retesting resistance level. Showing bearing engulfing candle after retest. Currently above Ma so if we had not already entered a trade we would not be entering here.
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Price continued downward after retest of resistance and also pushed down and closed below a recent support level.
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Looks like the level of support most recently broken has turned into resistance and is retesting it for a second time. Looking for close below or engulfing candle on 15m time frame and Double top or candles with long top wicks on 5m chart at resistance level.
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5m chart appears to be setting up for retest of resistance Close below candle confirmation of selling pressure on 15m
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I am not sure if this strategy has a trailing stop system but RR needs to be at least 1:1 based on back testing to be consistently profitable.
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Looking for retest of most recent support levels before pushing into target.