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.
| 2023 | EURUSD | GBPUSD | USDJPY |
| 06 December | The price, contrary to expectations of growth that implied the development of the final part of the ascending impulse, continued to decline even deeper. While it is not critical, considering an alternative option may be worthwhile. It is possible that the growth that began at the end of Septemb | The pound, unlike the euro, holds much more confidently and currently does not allow the dollar to significantly push down its exchange rate. However, it has not been able to grow either. Due to the possible impulsive decline in the euro, it makes sense to consider the option of a decline in th | The updated scenario of the current situation appears to be a completed ascending impulse. Subsequently, a decline followed, which is likely the beginning of a larger downward impulse. It is assumed that wave (i) is forming, which closely resembles a diagonal. Wave 4 of (i) is a converging hori |
| 05 December | |||
| 04 December |
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