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.
| 2023 | EURUSD | GBPUSD | USDJPY |
| 06 February | EURUSD has been on a strong uptrend since last week. The market is currently moving in form of a corrective 3-wave pattern. The market moved in form of an ascending channel from 1.07294 up to 1.08151. The market has already broken below the lower trendline of this channel impulsively, this is a sig | GBPUSD has been on an uptrend since last week but now it seems the trend is changing, the market has already formed the 5 major waves, and it's currently correcting to the downside in form of a corrective 3-wave pattern. From 1.20857 to 1.23543 the market moved in form of an ascending channel. This | USDJPY is currently on an uptrend. The market is moving in the form of an impulsive 5-wave pattern. The market is currently at major wave III,131.098, I expect the market to correct from this level (131.098) up to around,131.673, we will mark this level; as our major wave, IV,.From, 131.673, which |
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