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 the High-Low method. This indicator can also be used for breakout trade setups.
Pipholic SR Indicator Overview
After the installation of the Pipholic SR Indicator at the MT4 terminal, your trading chart will appear like the following image:
Breaking down Pipholic SR Indicator
The 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 from resistance.
Besides, you may also trade breakouts using Pipholic SR Indicator. In such a case, you’ll sell at the break of support and buy at the break of resistance levels. Although, it is necessary to be 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.
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Pipholic SR Indicator: 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
- 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