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: During the previous weekly ending 15th June, SPX500 rallied massively to the upper side and is still pretty much bullish both on the daily and the weekly charts. As long as the price remains above 2712.8, we expect a possible momentum to the upper side with a
Wave Analysis During the previous trading day, euro traded massively to the upper side and is still pretty much bullish both on the daily and the weekly chart. The previous day's candle was a perfect bullish pin bar candle and as long as the price remains above the zone 1.1502-1.1455, we expect a a
Wave Analysis During the previous trading day, the cable pulled back to the upper side but is still below 1.33058. As long as the price remains below this trend line, we expect a possible momentum to the lower side, on the daily chart, if you're not already in a short position, you could wait for a
Wave Analysis During the previous trading day, the US Dollar rallied to the lower side instead of picking a momentum to the upper side. We still expect a momentum to the upper side especially if the price is still above the daily level 108.523. In an event that the price break above 111.560, then t