Steps for opening a trade based on S&D

Steps for opening a trade based on support and resistance
- Mark support and resistance on the chart by spotting peaks and trough around the same price level
- wait for price bounce from support level / or rejecting from resistance (reversal candlestick would be favoured)
- place your stop loss under the support level and take profit below resistance level in case of Buy / place your stop loss above the support level and take profit above resistance level in case of Sell
-Calculate your lot size depending on your capital risk ratio and stop loss pips
(example if you are risking 5% of 1000$ so you are risking 50$, and if your stop loss is 50 pips so your lot size is 0.1)
bear in mind your R:R ratio "risk to reward" so if you are risking 5% then you should target 10% profit of your capital