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 day, euro rallied to the lowerside and is still pretty much bearish both on the 4 hours chart and on the daily charts. As it is right now, the price has pulled back up to the opening price of the previous day's opening price. If you are looking at this cha
Wave Analysis: Just as in Euro, during the previous trading day, the British pound continued to the lowerside and is still showing signs of extending much lower. If you are looking at this chart right now, keep looking for long term sell positions expecting an bearish impulsive wave count towards 1
Wave Analysis: yesterday, the US Dollar pulled back to the upperside and is still pretty much bullish both on the daily and on the weekly charts. As we mentioned earlier this week, we are looking forward to a long term impulsive wave count and should see the p[rice break above 110.60 and may extend