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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DeutscheBK Weekly Review Wave Analysis: During the previous trading week, instead of rising towards 20.53, we saw a slight correction of the inner impulsive wave (i) and the outer larger wave (c). We expect this downward rally to be a mere correction and should not go below then of the co
Wave Analysis: During the previous trading day, the corrective wave (b) extended slightly to the upper side but fell drastically earlier today. We expect the level 1.1873 to have marked the end of the this bullish correction, that the current bearish price rally is the continuation of the impulsive
Wave Analysis: Despite making highest lows, the cable continues to correct itself downwards but is still above the recent lowest low 1.3051, as long as the price remains above this level, we expect this level to act as a support to any movements to the lower side. Thus during this intraday, we expe
Wave Analysis: We expect a massive drop in price following the recent bearish pin bar, but instead, the US Dollar is continuing to rise. We expect this upward rally to be a mere extension of the impulsive wave (D) To the upper side and should not go beyond the upper trendline where we'll be looking