64# Support and Resistance SRT

Submit by Larry 09/04/2017

Support and Resistance SRT is a price action strategy.

Time Frame 1 min or higher.

Currency pairs:any.

Renko Chart 5 box size 5 pips or higher.

There are three main elements of the SRT system:

1. SRT indicator

2. 8 Simple Moving Average (SMA)

3. OsMA

SRT Indicator

The SRT indicator is the main indicator in this system. It will continuously

monitor the charts for you and mark the levels of support and resistance

and then plot the most recent bullish and bearish trendlines.

The levels of support will be pinpointed by a blue diamond and then from

there a red dotted line will emerge out to the right until a new level of

support is found.

Buy

1. Price closes above blue level of resistance.

2. Price has closed above the 8 SMA.

3. OsMA is above the red 0 line.

4. Enter long position when all of the above criteria are met.

5. Stop Loss goes few pips below the 8 SMA of the entry candle.

6. Take Profit is set to 1:1. (If stop loss is 20 pips, profit target will then

also be 20 pips).

7. Manage the trade by moving your stop loss along the 8 SMA for each

new candle that opens. (I generally only begin to move my stop loss

when a candle closes higher than my entry price.)

Sell:

1. Price closes below red level of support.

2. Price has closed below the 8 SMA.

3. OsMA is below the red 0 line.

4. Enter short position when all of the above criteria are met.

5. Stop Loss goes few pips above the 8 SMA of the entry candle.

6. Take Profit is set to 1:1 (If stop loss is 20 pips, profit target will then

also be 20 pips).

7. Manage the trade by moving your stop loss along the 8 SMA for each

new candle that opens. (I generally only begin to move my stop loss

when a candle closes lower than my entry price.) 

In the pictures Support and Resistance SRT in action.

Share your opinion, can help everyone to understand the forex strategy.