hello all,
http://www.mql5.com/en/charts/154202/msil-m5-first-charting
refer today chart .. (trade only after 5 pm)
as you can see, immediate resistance is 51734 (weekly pivot)
and immediate support is 51374..(daily support 1)
now what we can do is wait for price to reach either of these levels..
case 1. assume price coming down to 51374 levels, it touched 51374, went below also but closed above 51374 in same 5 min candle,..it means it took support at or around 51374.. now wait for confirmation, meaning is that next candle should close green.(bullish), then one can look for buying at this levels..
target is next resistance line..
sl is half of target ( but not exceeding 200 points).
case 2: price is coming down at 51374, it touched, went below and closed below 51374..it means support broken, then wait for next bearish candle to close, then go for short with next support line as target..