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.
Wave Analysis As previously anticipated, we are currently seeing a correction to the upperside, we don't expect a breakout above the upper trendline. If the price rebounds from the upper trendline, then this will be a good place to consider a possible long term sell position.The anticipated sell
Wave Analysis Yesterday, the British pound continued to the upperside and is still pretty much bullish both on the daily and on the 4 hours time frames. As long as the price remains above the lower trendline, we are looking for long term buy positions expecting a breakout above the upper trendlin
Wave Analysis Yesterday, the US Dollar could barely contain itself below the lower trendline. After a rebound from around 103.570, the US dollar moved massively to the upperside and is now touching the upper trendline. We are waiting for a clear sign that the price is above the upper trendline to