M5 price is located near and above SMA with period 100 (100-SMA) and SMA with the period 200 (200-SMA) for the ranging within the following key reversdal support/resistance levels: 1.0958 resistance level located above 100-SMA/200-SMA in the primary bullish area of the chart, and1.0923 support level located below 100-SMA/200-SMA in the primary bearish area. RSI indicator is estimating the ranging continion to be continuing. If the price will break 1.0958 ...
This article shows how price action and the monitoring of support and resistance levels can be used for well-timed market entry. It discusses a trading system that effectively combines the two for the determination of trade setups. Corresponding MQL4 code is explained that can be utilized in the EAs based on these trading concepts. More...