Support and Resistance Forex Exit Strategy
One of the most common ways to determine take profit levels (and also placing stop-losses) in currency trading is through 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.
Download the best support and resistance indicator for Metatrader 4 below, it automatically plots the most important levels on your 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 used timeframe) pips below resistance.
3) For short trades: Exit the trade 2-15 (depends on the used timeframe) pips above support.
Support/Resistance Forex Exit Strategy