This is my experience from using trend lines as our good support and resistance even we never see again news value from forex factory , but if you still need see news from forex factory its fine too just for confirmation. Usually i’ve used this strategy to adjustment support and resistance on 15 time frame or m30 time frame and entry price on five minutes time frame. This method use simple strategy , only draw high to high to see low reversal for buy and low to low to see high reversal for sell. Here sample picture from my trading room :
Based on picture above we can set pending limit order buy or sell depending on major trend and have tight stop loss below or above from support and resistance plus spread, you can see major trend on H4 or H1 time frame by using only alligator and awesome oscillator. The most important tips : You can sell limit at top resistance and buy limit at low support, looking for 10-25pips is easy. Remember use have to cut loss and switch position if you ride on wrong way so need tight mm, if you practice routinely and the discipline of course you will get power from this trendline line and is very accurate in determining support and resistance moreover I like best with a scalping strategy, this is the easiest technique to achieve 10-20pips per day consistently.
Murrey Math Forex Indicator Download
Here sample picture again which i combined with 9 squared MM or murrey math forex indicator, the result support and resistance almost the same.
This is what I have learned about the world of investing over three decades. I try each day to stand by my rules. I fail miserably at times, for I break them often, and when I do I lose money and mental capital, until such time as I return to my rules and try my very best to hold strongly to them. The losses incurred are the inevitable tithe I must make to the markets to atone for my trading sins. I accept them, and I move on, but only after vowing that “I’ll never do that again.” Remember this support resistance level with trend lines analysis still need to be filtered with candlestick basics patterns to get more accurate in making trading decision.