Pipholic SR Indicator

Pipholic SR Indicator is a simple support/resistance based forex trading tool. It doesn’t matter if you are a swing trader or trend-following market participant, this indicator suits all sorts of trading strategies. Moreover, you’ll be able to apply it to trade all kinds of forex currency pairs and can adjust with any timeframe chart you like while trading.

Pipholic SR Indicator helps traders to define the swing high/ swing low of the market thus assists traders to look for opportunities based on High-Low method. This indicator can also be used for breakout trade setups.

Pipholic SR Indicator Overview

After the installation of Pipholic SR Indicator at the MT4 terminal, your trading chart will appear like the following image:

Pipholic SR Indicator Overview

Breaking down Pipholic SR Indicator

Pipholic SR Indicator Anatomy

Pipholic SR Indicator appears as a series of dotted bars around the price bars to signal possible short-term support/resistance levels. As a scalper, you may try to buy from the support and sell form resistance. Besides, you may also trade breakouts using Pipholic SR Indicator. In such case, you’ll sell at the break of support and buy at the break of resistance levels. Although, it is necessary to able to identify the right candlestick pattern in the right area of the market. This is like, you may need at least a bullish bar at the support for long and a bearish bar at the resistance for short entries at the market.

Popular Indicator: Trend Reversal Indicator

Pipholic SR Indicator: Buy Conditions

Pipholic SR Buy Conditions

  • At least two bullish bars are plotted at the support
  • Buy triggers at the break of the respective bullish bar’s high by the following price candle
  • Set stop loss below the current support area
  • Exit long/take profit once your trade hits at least 1:1 to 1:2 risk to reward ratio

Pipholic SR Indicator: Sell Condition

Pipholic SR Sell Conditions

  • At least two bearish bars are plotted at the resistance
  • Sell triggers at the break of the respective bearish bar’s low by the following price candle
  • Set stop loss above the current resistance area
  • Exit short/take profit once your trade hits at least 1:1 to 1:2 risk to reward ratio
Share on:

Get E-Book Worth $100 for Free!!!
in your inbox

Thank you for subscribing. Check your mailbox

Something went wrong.

I have been actively trading stocks and currencies since April 2012. Besides trading with my personal money I am a technical analyst in a mutual fund which has Rs. 1 billion in assets under management. At my leisure, I love attending live music, traveling, and partying with friends.

Leave a Comment