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, euro declined significantly and even went below the contracting wedge formation. As long as the price remains below this shape formation, we expect nothing but a possible momentum to the lowerside. The anticipated bearish price rally is the continuati
Wave Analysis During the previous trading day, the cable could not be contained by the rising wedge formation. The pair rose intensely to the upperside and is still very much bullish both on the daily and weekly charts. As long as the price remains above the wedge formation, we expect nothing but
Wave Analysis The US Dollar is correctly consolidating in between the contracting triangular formation. A|s long as the price remains within this shape formation, we choose to remain on the sidelines. As it is on the 4 hours chart, we're waiting for either a break above the upper trendline to buy