After thousands of hours of working on trading, trading strategies, and trading indicators, you begin to notice certain things. That is how we came up with the First Touch trade setup. We noticed that if price had not touched our support or resistance lines during the trading session or in a relatively long period of time, we were very likely to get a rebound or “bounce” off of the line the very next time we hit it. Without having the charts zoomed out far enough to see when price touched that S/R line or zone, we really had no idea how long it had been or how strong the line was likely to affect price. Once we applied our relative strength indicator at the leading edge of the line, we no longer needed to zoom out or take our eyes off of the current bar to help us make a trading decision. All the information was exactly where we needed it.
Highlights:
- Add to any chart or time frame
- Assign line color, style, and size
- Show S/R midpoints
- Customizable line calculation input values
- Toggle on/off
- Relative Strength Indicated
- User configurable support and resistance zones
