Forex Yesterday’s High Low – Best Forex Entry Strategy with Price Zone yesterday’s high-low Support Resistance Trading System and Strategy.
The Price Zone yesterday’s high-low Support Resistance trading strategy is based on one simple concept: if price breaks yesterday’s high or low, it will most likely continue in that direction of the breakout.
So this is a breakout trading strategy.
Yes… break of yesterday high or low gives a good entry point, but make sure you buy or sell on the basis of TREND and MOMENTUM. Sometimes the entry is also based on trend line break in accordance to yesterday high or low.
Nothing’s perfect and guaranteed to work all the time of course – but how a market reacts around the previous day’s high and low can help try and figure out short term probable direction.
This Trading System is a trend-momentum strategy based on EMA trend, Yesterday’s High-Low price zone, MACD and RSI oscillator.
- Best Time Frame: 30 min, 1H or higher
- Currency Pairs: Majors
One of the strategies that I use with this MetaTrader template is to trade off (or as close to) the Daily Open Line shown on the M30 and H1 chart.
The Dashed lines shown on the 1hr chart are 50 pips away from each other and the open line (ideal for target line and exit lines should price retreat back over these lines).
On 4hr chart this Open line becomes Weekly
On the Daily chart, the Open line becomes Monthly
- Price BreakOut above Yesterday High “resistance line“
- Price Zone Green line
- Price Signal uptrend (white line upward above crimson color line)
- RSI line upward above 50 level
- ADX Histogram aqua color
- MACD X indicator uptrend
- Price BreakOut below Yesterday Low “support line“
- Price Zone crimson line
- Price Signal downtrend (orange line downward below crimson color line)
- RSI line downward below 50 level
- ADX Histogram magenta color
- MACD X indicator downtrend
This is a forex trading system for beginners because it’s easy to use and understand.
This trading system stops you from over trading because seriously, less is more in trading.
Because if you take 10 trades in a day using smaller timeframes, you are most likely to suffer a lot of losses compared to taking only one trade based on the daily candlestick.