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 Last week, Euro successfully broke below the supportive trendline and is still pretty much below this trendline. As long as the price remains below his trendline,w e expect nothing but a possible continuation of the impulsive wave (c) to the lowerside and should break below 1.0990. C
Wave Analysis Last week, the cable successfully went below the supportive trendline and is still below this trendline. As long as the price remains below this trendline, we expect a possible momentum even futher momentum to the lowerside. The anticipated bearish p[rice rally is the continuation of
Wave Analysis Previously, the US Dollar rallied to the upperside but could not go above the upper trendline. We expect the bounce from around 109.50 to have marked an end to the impulsive five wave cycle, that the current bearish price rally is the continuation of a corrective three wave cycle and