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