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 During the previous trading day, the impulsive wave (5) continued to the upper side an even hit the resistance level 1.09875-1.10190. As long as the price is not able to clearly break and close above this zone, we are waiting for a second bounce from it to pick a long term sell order
Wave Analysis After establishing a support around 1.20920, the British pound pulled back to the upperside and even hit the 50.0% fib level. While the price is not able to clearly break beyond the 50.0, we're expecting a possible momentum to the lowerside and should break beyond 1.22090. A break be
Wave Analysis During the previous trading, both the impulsive waves (5) and (E) continued to the upperside but could not break beyond the upper trendline, while the price is held below this trendline, we're still sellers. A break below the supportive trendline will be a good chance to pick a long