Support and resistance system should only be used in a higher timeframe chart, like one hour and above. This is necessary because at such a higher time frame, brokers cannot manipulate the price to my disadvantage.
How I draw strong support and Resistance
Before I call a level strong, the same level must met the following conditions.
Again, when drawing my support and resistance levels, I use a range, not a single line, this is because price tends to test particular level before retrieving, range caters for these levels.
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SPX500 Weekly Review Wave Analysis For the past two weeks, SPX500 corrected itself to the lowerside but is still being supported by the 52 Simple Moving Avarage. As long as the price remains above this MA, we expect a possible momentum to the upperside. The anticipated bullish price rally is the
Wave Analysis During the previous trading day, Euro went perfectly as forecasted and is still pretty much bearish both in the daily and the weekly charts. As long as the price remains above 1.1486, we're looking for a low risk long position, but should the price break below it, then this will be a
Wave Analysis Earlier this trading day, The cable bounced off from the lower trendline and is currently heading to the upperside, we expect this upward rally to be the continuation of a corrective three wave cycle and should break above 1.3020 towards the upper trendline. If this trendline is breac
Wave Analysis The US Dollar is currently bouncing off from the supportive trendline. As long as this trendline protects the lowerside, we're waiting for a clear rebound from this trendline to pick a long term long position with an ultimate target along the upper trendlne. If the lower trendline is