Support and Resistance Forex Exit Strategy
One of the most common ways to determine take profit levels in currency trading is the use of support and resistance levels. The major advantage of using support and resistance levels is that’s it quite easy and visible on the forex charts.
Forex Chart Setup
Time Frame’s: Any
Currency Pairs: Any
How this forex exit strategy works
1) Identify levels of support and resistance on the chart
2) For long trades: Exit the trade 2-15 (depends on the timeframe) pips below resistance.
3) For short trades: Exit the trade 2-15 (depends on the timeframe) pips above support.
Support/Resistance Forex Exit Strategy