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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SPX500 Weekly Review Wave Analysis: During the previous week, SPX500 lost value considerable and is still pretty much bearish both on the daily and the weekly charts. According to the two indicators, As long as the price remains above the 52 Simple moving average and the columns of MACD above 0.
Wave Analysis Perfectly as previously forecasted, euro continued to rally to the lower side and is still pretty much bearish both on the daily and the weekly charts. We expect further extension to the lower side and may break below 1.1486. The level 1.1486 is a key weekly level and clear break belo
Wave Analysis Just as we mentioned during the previous trading day, the cable declined steadily and is still showing signs of falling even further. We went short previously and is still holding onto this position, my expectations is that the price could break below the supportive trendline, furthe
Wave Analysis After a drastic decline in price few days ago, the US dollar is showing signs of recovering to the upperside. We're waiting for a possible correction to the lowerside to pick a long term long position with an ultimate target at 114.380. This view can only be invalidated in case the pr