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: The Euro has been trading within the upper and the lower trendline for quite sometime now, recently the price rallied from the lower trendline at the impulsive wave cycle three towards the upper side at the corrective wave cycle four,currently the price is rallying towards the lower
Wave Analysis: During the previous forecast, the price had been rallying between the upper and the lower trendline for a while, recently the price bounced off from the upper trendline towards the lower trendline in continuation of the impulsive wave cycle five, I still expect a further bearish mom
Wave Analysis: During the previous days,the price rebounded from the lower side at the impulsi ve wave cycle three towards the upper side at the corrective wave cycle four.Right now,the price is rallying towards the lower side,I expect it to continue upto the lower trendline in continuation of the