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 Yesterday, EURUSD rallied to the upperside and is now able to breakout above the upper trendline. As long as the price remains below the upper trendline, we are waiting for a clear rebound from the upper trendline to pick a low risk sell position with an ultimate target around 1.1719
Wave Analysis During the previous trading day, The British pound continued to the upperside and is still very much bearish both on the daily and on the weekly charts. Despite the previous week's massive rally to the lowerside, we are no seeing a correction to the upperside. The maximum the price s
Wave Analysis USDJPY is currently in an active down trend. As long as the price is held below the three moving averages attached, we expect nothing but a possible momentum to the lowerside. The anticipated bearish price rally is the continuation of the impulsive wave (v) to the lowerside and shoul