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 closed as a bearish pin bar. As long as the price remains below the fib level 61.8% fib level, we expect nothing but a possible momentum to the lower side. The anticipated bearish price rally is the continuation of a corrective wave count and coul
Wave Analysis The British pound continues to correct itself to the lowerside and is now below 61.8% fib level. At this rate, we are expecting a possible break and close below the swing low 1.38540 and could breakout much lower/ If the price breaks and closes below 1.36480, then this will be a good
Wave Analysis During the previous trading day, the US Dollar rallied to the upper side but could not break above the level 106.730. As it is now, we expect further momentum to the upperside. The anticipated bullish price rally is the continuation of the impulsive wave (c) to the upperside and shoul