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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19 - 23
Dow Jones Weekly Review Wave Analysis #DJ130 is currently in an active up trend. This index continues to sustain itself above the three alligator lines, as it is now, we are looking for long term buy position expecting the price to rally much higher with the next target set at 35000.00.
Wave Analysis Yesterday, Euro rallied to the lower side and is currently around .19837-1.20035. We are waiting for a clear sign of a breakout below 1.19837 to pick a possible long term sell position with an ideal target set at 38.2$% fib level, a breakout below 38.2% fib level will push the price
Wave Analysis We continue to see further momentum to the lowerside perfectly in line with what we said during the previously trading day. As it is now, we are looking for long term sell position expecting the price to breakout below 1.38510. As it is now, we expect further momentum to the lowersi
Wave Analysis We are still seeing further momentum to the lowerside. As it is now, we are looking for a possible correction to the upperside to pick further momentum to the lowerside and should breakout below the blue line. If this is the case, then further momentum to the lowerside is expected w