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
DJI30 weekly Review Wave Analysis Dow is currently rallying within an expanding wedge formation. On this chart, we are waiting for a bounce from the upper trendline to pick a low risk sell position expecting price to continue to the lowerside with an ultimate target set at 30928.00 and c
Wave Analysis During the previous week, Euro successfully broke and closed above the upper trendline. While the price remains above the upper blue line, we expect nothing but a possible momentum, to the upperside. The anticipated bullish price rally is the continuation of the corrective three wav
Wave Analysis The British pound is currently rally in an up trend. Following the bounce from the level 1.36409, we expect nothing but a possible momentum to the upper side. The anticipated bullish price rally is the continuation of an impulsive wave count but should not go beyond the upper trendl
Wave Analysis Earlier today, the Us dollar bounced off from the upper trendline and is currently heading to the lower side, while the price is not able to break and close above the upper trendline, we expect the recent rebound from the upper trendline to be the continuation of the last impulsive