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.
|20 - 24
20 - 24
Microsoft Weekly Review Wave Analysis During the previous week, nothing much happened on the shares of this company. We expected a possible momentum to the upperside, as it looks, we're likely to see a consolidation during this week, before we see a spike even higher. As it is on t
Wave Analysis During the previous trading day, euro declined steeply and even hit the supportive trendline. Following the bounce from this trendline, we expect nothing but a possible momentum to the upperside. The anticipated bullish price rally is the continuation of the corrective three wave cycl
Wave Analysis During the previous trading day, the cable declined steeply but could not go below the level 1.26150. As long as the price remains above this level, we're on the sidelines, in the meantime, we expect the current rally to the upperside to be a mere correction to the upperside but shoul
Wave Analysis Earlier today the US Dollar established a good support around 109.494-109.476. As long as this pair remains above this zone, we're looking for buy orders, but should price breakout to the lowerside, we'll be expecting an impulsive wave count to the lowerside and should breakout even l