MoneyTec.com Traders Community Forum - View Single Post - what to do if exchange rate approach the levels

benkorea · 31-08-2004, 06:09

For example:

If the trend is downward and the price is getting closer to a support; I would wait it breaks it by, say 10-15 pips, and get short.

Same thing for an upward trend, if the prices approaches a resistence, I would wait it breaks by 10-15 pips and then get long.

Some people would also trade a bounce of the support/resistence but this is not my game. Sometimes a bounce off a strong support/resistence can be very powerful.

BUT, in my case, some more indicators will have to agree as a break of support/resistence is not my only criteria for entry!

Hope this help! Good luck!

31-08-2004, 06:09	#2 (permalink)
benkorea Forex pupil Join Date: Jun 2004 Posts: 148 Rep Power: 0	MHO For example: If the trend is downward and the price is getting closer to a support; I would wait it breaks it by, say 10-15 pips, and get short. Same thing for an upward trend, if the prices approaches a resistence, I would wait it breaks by 10-15 pips and then get long. Some people would also trade a bounce of the support/resistence but this is not my game. Sometimes a bounce off a strong support/resistence can be very powerful. BUT, in my case, some more indicators will have to agree as a break of support/resistence is not my only criteria for entry! Hope this help! Good luck!