MyFxBots

Support and resistance (SR) levels are one of the main tools for both fundamental and technical analysis used by both beginners and quite experienced traders besides many other tools even if the trader has extensive trading experience. So why have these simple lines become so widely used by investors? Let's think about this together.

These SR levels individually allocated conditional areas on a certain currency timeframe, bounded by price extremes; highs and lows, often represented as lines, but it should be represented on the chart itself to calculate all the risks and correctly place orders. SR level shapes will be completely different if represented on different timeframes of the same currency and period of time. On large timeframes, such as H1, H4, D1, and larger, SR lines are more reliable and less likely to be fake or misleading, not like those on M1, M5, or M15. They can be drawn either by candlestick bodies or by their shadows and no specific rules exist about that, there is still dispute among experts about which of them is better and more accurate.

Support and Resistance Levels Trading

The psychological component of support & Resistance levels is the key to understand how they are formed and how to they can be used. One of the following three conditional groups if prevailed in the market, would form a trend in it:

  1. Bears (open sell positions)
  2. Bulls (open buy positions)
  3. Undecideds (not yet on the market)

On a certain chart when the price touches pre-drawn support or resistance line, it probably either turn back away from that line or passes through it, and by refining the expected possibilities in this situation, 3 types of trading can be relied on guided by the Support / Resistance levels:

  1. Assuming a rebound from levels (range trading).
  2. Assuming a level breakout (breakout trading).
  3. A mixed type of trading (using both strategies alternatively, depending on the current market condition).

Each of these 3 Support / Resistance levels guided Forex trading strategies has been transformed into automated forex systems by Forex robot developers, and below are reviews of some of them that proved to be profitable:

No grid, No hedging, No arbitrage, and No martingale.

Currency Pairs: EURUSD, GBPUSD, USDJPY, GBPJPY, and EURJPY
TimeFrame: M30 / H1
Updated On: Wed Sep 21st, 2022
3.8/5
13 total votes.

No Grid, No Hedging, No Martingale, and No Massive StopLoss. But a strong evolved Money Management System.

Currency Pairs: GBPUSD
TimeFrame: Any
Updated On: Sun May 15th, 2022
4.7/5
19 total votes.

FX Classic Trader swings between Support/Resistances with continuous indicators analysis & calculations by a really unique trade algorithm to decide when to close and open transactions.

Currency Pairs: EURGBP
TimeFrame: H1
Updated On: Wed May 4th, 2022
4/5
4 total votes.

As the name suggests, Forex Combo System is a collection of several subsystems, four to be clear. The most accurate description that fits it is "four different EAs joined together". The result of such an EA could be considered "Pleasant" as you will discover this yourself after some further reading, It's an easy-to-use EA and is one of the most solid automated trading systems that I've ever seen.
 

Currency Pairs: EURUSD, GBPUSD, EURAUD and EURCAD
TimeFrame: M15
Updated On: Wed Mar 16th, 2022
4.7/5
462 total votes.
FX Secret Immortal runs three Forex trading strategies combined in one system with perfect synergism and harmonical interaction.
Currency Pairs: EURUSD
TimeFrame: Any
Updated On: Sat Jan 30th, 2021
4.9/5
333 total votes.