- Time frame 15 min or higher
- Currency pairs:majors.
- Rules For trading
1) Trend Direction: When price is above this line, the trend is up. When price is below this line, the trend is down.
Therefore it is advisable to take trades with the trend using this MoneyLine as the trend direction reference. You can expect a trend change when price has had three consecutive closes on the other side of the Money Line. For example, if price has been trending up and above the MoneyLine, then as price heads to the MoneyLine and has three back-to-back candles/bars close underneath the MoneyLine, then statistically there is a high probability of a trend change.
2) Support/Resistance: This benefit alone is why you should have the MoneyLine on every chart you trade. The MoneyLine acts as very good predictor of Support/Resistance. It is so accurate that you can actually scalp off the line.