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: For almost a week, euro rose tremendously and is still pretty much bullish both on the daily and the weekly charts. As long as the price remains above 1.13477, we expect nothing but a possible momentum to the upperside, the anticipated bullish price rally is the continuation of the i
Wave Analysis: The cable is currently approaching a key reistance trendline and also a key level 1.27591. These are key levels and while the price is contained below these two, we expect nothing but a possible momentum to the lowerside. The view can only be invalidated in case the price breaks abov
USDJPY. We’ re looking waiting for retracements back towards 107.890 to pick a long term sell order.
Wave Analysis: Few days ago, the cable rallied intensely to the lowerside and even went below 107.890, As long as the price remains below this level, we’re looking for a long term sell order. The anticipated bearish price rally is the continuation of the impulsive wave (E) to the lowerside and shou