Support and Resistance
At Forexearlywarning we monitor support and resistance levels on 28 currency pairs. These price levels and price alert points are reported in our trading plans every day. Look at the EUR/GBP example below. You can set an audible price alert at the support level indicated by the red line on the D1 time frame. When the pair pair drops below that line the price alarm will go off and you can then check The Forex Heatmap® to see if you have a valid entry point.
In the case the larger time frames, like the W1 time frame below on the CHF/JPY, the current trend is up and there is no nearby resistance above the current pricing. You can then estimate the pip potential of every trade and know your money management ratio when you enter a trade. In this case there is hundreds of pips of potential above the alarm point, indicated by the red line.
These two examples will get you started. For more solid examples of support and resistance and price targets complete library of support and resistance examples you can check our traders blog. We also have a more complete forex training lesson about support and resistance in our 35 forex lesson package.