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 Just as previously anticipated, Euro continued significantly to the lowerside and is still pretty much bearish both on the daily and on the weekly charts. As long as the price remains below the upper trendline, we expect to continue short with the impulsive wave (E) and may breakout
Wave Analysis During the previous trading day, the British pound failed to reach our target set along the upper trendline. Instead the price bounced off from the zone 1.37438-1.32345. On this chart, we are looking for long term sell positions expecting price break and close below the lower trendl
Wave Analysis Just as previously expected, after breaking above the upper trendline, the impulsive wave (3) continued sharply to the upperside and is still pretty much bullish. While we continue to see sustenance above the zone 104.085-104.058, we expect nothing but a possible momentum to the upp