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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Gold Weekly Review Wave Analysis: Perfectly as previously forecasted on the weekly forecasts, gold markets dropped in price even further but is yet to hit our monthly support level 1191.12. During this week, we expect a possible extension of the corrective wave (b) but should not go beyond 1
Wave Analysis Instead of correcting itself downward rally as previously forecasted, Euro slightly corrected itself to the lower side but could not hit the support level 1.12824, instead, we're headed to the upper side. We expect the upward rally to an extension of the impulsive wave (v) to the uppe
Wave Analysis: During the previous trading day, the cable opened at 1.2879, went as high as 1.2927 and as low as 1.2831, but ended up closing 1.2845, just a couple of pips below its opening price. The previous day's candle is a perfect bearish continuation candle and could be an onset to the previo
Wave Analysis: During the previous trading day, this pair opened at 114.034, went as low as 113.71 and as high as 114.303 but ended up closing at 113.941, just a few pips below it's opening price. The previous day's candle is a perfect bearish pin bar candle and could be an onset to a correction to