Supports and resistances are robust methods and instruments to analyze the market. These are territories or price points on the chart where price could either breakout or skip off.
For reasons unknown, it is once in a while used on the 1-minute chart. Nonetheless, for this trading procedure, we will utilize perhaps the most fundamental approaches to draw supports and resistances utilizing swing lows and highs to draw horizontal supports and resistances.
Since swing lows and highs are past defining moments on the price chart, the market will be observing those regions.
The bit of leeway is that contrary to diagonal supports and resistances, horizontal supports and resistances are definite price figures, so dealers could be setting forthcoming orders on those zones.
How to Use SNR Scalping Trading System
This technique permits us to get short energy trades that happen because of breakouts. Thus, we could accept that price would be going our heading for a few additional pips.
It is conceivable to have solid momentum breakouts and gain 10, 15, even 20 additional pips in a solitary trade.
Yet, this isn’t generally the situation. The most normally repeating case would be that price could break out with a solid momentum candle for around 5 – 10 pips.
This is the reach you could play with, yet to be moderate, we will focus on only 5 pips.
Timeframe: 1 Minute
Forex Pair: GBPUSD and EURUSD
Session: This strategy best work in New York and London.
Setup for Buy Trade
Entry at the latest horizontal resistance that ought to be drawn by the indicator on the chart. Then place a pending buy stop order at the horizontal resistance.
Afterward, put the stop loss at 5 pips over the entry price. Lastly, set the take profit at 5 pips beneath the entry price.
Setup for Sell Trade
Make an entry at the latest horizontal support that ought to be drawn by the indicator on the chart. And set a forthcoming sell stop order at the horizontal support.
Then set the stop loss at 5 pips underneath the entry price. Subsequently, place the take profit at 5 pips over the entry price.
Step by step download and installation instructions of an indicator
You need to follow these steps to install the indicator on your MT4 platform:
- Snap-on the “Download Indicator” button, situated at the lower part of the screen.
- Save the file to your PC.
- Open MT4 platform Click: File>>Open Data Folder
- Extract and move the indicators file into the MQL4>Indicators.
- Do the same with template file at templates folder.
- Restart your Metatrader platform.
- Furthermore, right click and select the “SNR” template to apply it on the chart.
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