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: During the previous trading week, Euro declined massively and is still pretty much bearish both on the daily and the weekly charts. As long as the price remains within the declining yet contracting wedge formation, we expect further momentum to the lowerside. We’re basically waiting
Wave Analysis Despite the previous week’s forecast that this pair could continue to the lowerside, the cable pulled back to the upperside but failed to breakout above the upperside. We expect the bounce from the upper trendline to have marked an end to the corrective three wave cycle, that any clea
Wave Analysis The cable is currently trading within a tight channel formation. As long as the [rice remains within this range formation, we expect nothing but a possible momentum to the upperside. The anticipated bullish price rally is the continuation of the impulsive wave (c) but should not go be