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 The previous day's rally saw euro close as a bearish pin bar. However, on the 4 hour chart attached, we're likely to see a momentum to the upperside. Thus, while there's an active sell on the daily chart, we're actually waiting for price to rise above the upper trendline to pick a lo
Wave Analysis The cable is currently trading within a contracting wedge formation. As long as the price is contained between the two lines forming this wedge, we're only interested in trading reversals, basically, we're waiting for a bounce from the supportive trendline to buy the last impulsive wa
Wave Analysis For sometimes now , the corrective wave [b] has been on the bearish end, but is currently approaching a key weekly support 107.999. This level is not only a weekly support, but also a daily support. As long as the price is contained above it, this is a good place to look for a buy f