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.
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Deutsche Bank weekly review Wave Analysis: Perfectly as previous forecasted, during the past two weeks, Deutsche Bank shares has rose in value and is stil pretty much bullish both on the weekly and the monthly charts. We expect further rise to the upper side but should not go beyond 25.93. The
Wave Analysis: During the previous trading day, the impulsive wave (c) stretched slightly to the lower side, but is still way above our first target set at 1.1655. During this intraday, we expect a possible extension of the impulsive wave (c) to the lower side but only after a slight correction to
Wave Analysis: Yesterday, we saw a slight extension of the impulsive wave (1) to the upper side but is still below our set target. Today, we expect a possible bullish price rally towards 1.3477 or even higher. The anticipated bullish price rally is the continuation of the recent five wave cycle, wi
Wave Analysis: Yesterday, we saw a slight correction of the impulsive wave (E) to the upperside but this wave is still very bearish on the weekly chart. Today, we expect a possible extension of this correction to the upperside but should not go beyond the upper resistive trend line, where we'll be