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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German Stock Index Weekly Review Wave Analysis Following last month's pin bar, German stock's index has been in a constant up trend and is still pretty much bullish both on the weekly and the monthly charts. As long as the price remains above 12126.5, we expect a possible momentum to the upper
Wave Analysis In the recent past, euro went below a short term support level 1.23785 and is still several pips below this level. As long as this level is not violated to the upper side, we expect a possible momentum to the lower side. The anticipated bearish price rally is the continuation of the
Wave Analysis After an unprecedented decline in value from Wednesday last week, the cable is still pretty much bearish and chances of continuing further to the lower side are very high, thus, as long as the price remains below the weekly resistance level 1.42881, we expect a possible momentum to
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