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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22 - 26
Gazprom Weekly review Wave Analysis: Following the latest developments at this oil Company, we expect Gazprom shares to rise in value following the announcement that this company is repairing their refineries. On the charts, we expect much volatility especially if the price can either breakout a
Wave Analysis During the previous trading day, euro continues on its way to the lowerside and is still pretty much bearish both on the daily and the weekly charts. Following the break below the previous fortnight's lowest low, we expect nothing but a possible momentum to the lowerside, the anticipa
Wave Analysis The cable is currently trading with an increasing bearish bias momentum. Following the breakout below 1.30103, we had a pending sell limit order around 1.29526. The price triggered this trade and we're currently in a sell trade. As long as the price remains confined below 1.29526, we'
Wave Analysis During the previous trading day, the US Dollar rose tremendously, but has currently pulled back to the lowerside and is slightly below the previous day's opening price. As long as the price remains above the level 111.706, we expect to continue long with both the impulsive waves [c] a