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 Euro is currently in a correction mode. After establishing a swing low around 1.17365, Euro has made 50.0% pullback. We are watching for a clear rebound from this fib level to pick a possible long term sell position towards 1.16242. And should the price breakout below 1.16242, then
Wave Analysis Few days ago, the British pound established a swing low around 1.36970 and a swing high around 1.41550. As it is now, the British pound has pulled back almost 23.6% fib level. If the price breaks above this fib, then we will be expecting further correction to the upper side towards
Wave Analysis During the previous trading week, the US dollar sustained the breakout above the upper trendline and is still pretty much bullish. As we mentioned during the previous week on Friday, while the price is held above the upper trendline,w e expect nothing but a possible momentum to the