Overview of Current Resistance And Support Densities for Forex Majors
Resitance and Support Density Function - is an indicator which allows you to view current distribution of most important resistance and support lines on a chart. Here is how it looks like at the moment for selected forex majors: GBPUSD, USDJPY, USDCAD, AUDUSD. They are selected as symbols with most clear situation right now. Red dots are the indicator buffers (places with high density of levels). A markup with horizonal lines is added manually to the first 3 charts for demonstration of possible trading stratagies.
Please note, that conditional buy stop should be placed only after/if the price touches the marked "condition" level (this is not a buy stop limit scenario).
On the last screenshot current situation with AUDUSD is shown without any suggestions, but it's obvious enough to choose two appropriate levels for buy stop and sell stop orders.
