The Waddah Attar Hidden Level is a dynamic support and resistance indicator designed for intraday trading. It is most effective when used with a 15-minute, 30-minute, or 60-minute time frame, and is compatible with certain currency pairs (EUR/USD, USD/CHF, USD/JPJ, AUD/USD, USD/CHF) and futures (S&P 500).
To use this indicator, traders must first identify the lines of support and resistance that it draws on the chart. They can then execute trades using the breakout method, opening a position in the direction of the trend as indicated by the Sideways indicator. For example, they can buy at the broken red line (by inserting a pending buy order) or sell at the broken green line (by inserting a pending sell order). The target profit can be set at the next dots line, 15 pips, or 3 points, while the stop loss should be placed at the previous swing.
The Waddah Attar Hidden Level is also a good indicator for contrarian trading on the H1 time frame. Traders can use this indicator in conjunction with other MetaTrader indicators (such as Fx Trend and Sideway) to identify potential trades. They should wait for the price to break the upper or lower level, and buy when the FX trend line is red or sell when it is aqua. The profit target can be set at 12-15 pips, with an initial stop loss placed above or below the blue dot line.
The attached images demonstrate the Waddah Attar Hidden Level in action, including its use in contrarian trading.