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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Mts weekly review Wave Analysis On Thursday last week, the shares of MTS rose above the level 264.35 and is still above the level. The line 264.35 is a key line and as long as the price remains above it, we expect nothing but a possible momentum to the upperside. The anticipated bullish price r
Wave Analysis: Euro is still being contained above the monthly support level 1.12471. Our previous week’s recommendation still holds true, we’re still waiting for a bounce from 1.12471 to pick a buy order. If you bought this pair previously and is still having this position open, you can still reb
Wave Analysis: During the previous trading week, the cable successfully closed below 1.33015. This is a key weekly resistance line and while it holds price below it, we’re waiting for a clear sell signal. As it is on the weekly chart, conservative traders should have their pending sell orders arou
Wave Analysis; During the previous week, the corrective wave (ii) went a bit lower than expected and is now below 110.838. This was a bearish move, but on the monthly chart, this pair is still upwards and chances of continuing even higher are very high. The idea is not to look for a buy order, but