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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SPX500 Weekly Review Wave Analysis: During the previous week, SPX500 lost value considerable and is still pretty much bearish both on the daily and the weekly charts. According to the two indicators, As long as the price remains above the 52 Simple moving average and the columns of MACD above 0.
Wave Analysis: Euro is still rallying above the daily support level 1.1486. As long as the price is above this level, we expect nothing but a possible momentum to the upperside. While the price is above this level, we're basically waiting for a possible correction to the lowerside to pick a long te
Wave Analysis Earlier this week, the impulsive wave (c) traded rapidly to the upper side and is still pretty much bullish both on the daily and the weekly charts. During this trading day, we're expecting a possible break above 1.3245 towards 1.3295 or even higher. If you're not already in a long po
Wave Analysis Earlier this trading day, the US Dollar corrected itself to the upper side and is still showing signs of rallying even higher. We expect this upward rally to be a mere correction of the previous five wave cycle and should not go beyond 112.55 where we'll be looking to resell this pair