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 After breaking above the upper trendline, Euro is showing signs of sustaining this breakout. While the price is held above this trendline, we are looking for nothing but a possible momentum to the upperside with an ultimate target fixed around 1.19660. If you are looking at this char
Wave Analysis Ealier today, the British pound continued straight to the lowerside but is yet to reach or target set around the lower trendline. On this chart, the idea is to keep looking for long term sell positions with an ultimate target around the lower trendlne. If you are not already in a sell
Wave Analysis The Us dollar is still being held below the immediate upper trendline but above the lower trendline. As we said previously, we are still looking for long term sell positions on this chart, our expectations is that the price should continue to the lowerside and should breakout below 10