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: On the EURUSD chart, we expect nothing but a possible rally to the lowerside annd should see the price rebound from around 1.17210 to the upperside. If the price breaks and closes below this level, then further momentum much lower is expected. If you are looking at this chart right n
Wave Analysis: During the previous trading day, euro failed to move to the upper side as previously expected, instead it moved upwards just slightly. On this chart, we're likely to see either a break above the previous day's highest high or a break below the previous day's lowest low to pick a poss
Wave analysis: Yesterday, the US Dollar rallied to the lowerside and is still pretty much bearish both on the daily and on the weekly charts. if you are looking at this chart right now, I recommend you keep looking for sell positions, we're expecting the sellers to increase thereby pushing price mu