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.
|25 - 29
25 - 29
CAC40 Weekly Review Wave Analysis After establishing a support around 3625.5, the French Stock's index pulled back to the upper side and is still pretty much bullish both on the daily and on the weekly charts. Currently the price is within a contracting wedge formation, we expect the recen
Wave Analysis During the previous trading day, both the impulsive waves (5) and (v) continued to the upper side and is still pretty much bullish both on the daily and on the weekly charts. While the Green ADXline remains above the Red line, we expect further momentum to the upper side and should b
Wave Analysis During the previous trading day, the impulsive wave (E) continued to the upperside but could not break above the upper trendline, we are waiting for a bounce from the upper trendline to mark an end to the impulsive wave (E) and the beginning of a correction to the lower side but shou
Wave Analysis The Us Dollar is currently in an active downtrend. While the price is held below the Alligator indicator attached, we expect nothing but a possible momentum to the lower side, the anticipated bearish price rally is the continuation of the impulsive wave (5) to the lower side and shou