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 stocks index Wave Analysis:After breaking above the level 12035.1, The German Stocks index has since remained above this level. As we mentioned few weeks ago, while the price is above this level, we expect a possible momentum to the upperside. The anticipated bullish price rally is the con
Wave Analysis During the previous trading day, Euro dropped but is currently correcting itself to the upperside, We're basically waiting for a break above 1.1516 to pick a long term long position with an ultimate target at 1.2415. With this long position, you could take your profits at 1.1845 , and
Wave Analysis: During the previous trading day, the impulsive wave (5) extended significantly to the lowerside and is still pretty much bearish both on the daily and the weekly charts. As long as the price remains below 1.2975, w expect a possible momentum to the lowerside. The anticipated bearish
Wave Analysis After an attempt break above 110.81, the Us Dollar pulled back and is now below the same level. As long as the price remains below this level, we expect nothing but a possible momentum to the lowerside. The anticipated bearish price rally is the continuation of the impulsive wave (c)