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.
Last week, Euro rallied to the lowerside but failed to break and close below 1.06350-1.06502. As long as the price remains above this zone, this is a good place to consider a possible long term buy position towards 1.07724. This is a clear zone, and if the price should break and close below it, th
During the previous trading day, the British pound rallied to the lowerside and is still pretty much bearish both on the daily and on the weekly charts, as it is right now, I am looking at nothing but a possible momentum to the lowerside. The anticipated bearish price rally is the continuation of
During the previous trading day, the US Dollar continued to the upperside and is still showing signs of continuing to the upperside. As it is now, we are strictly looking for long term buy position towards150.0 and may likely extend much higher. On this chart, we are looking for longg term buy pos