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 weeks, euro bounced off from the upper trend line and is still pretty much bearish both on the daily and on the weekly charts. following the previous week's decline in price, we expect further momentum to the lower side and should break below 1.09160. This
Wave Analysis Last week, the corrective wave (b) continued to the lower side but is still above the level 1.30168-1.29869. As long as the price remains above this zone, we are waiting for a clear bounce from this zone to buy the last impulsive wave (c) to the upper side and should break above 1.31
Wave Analysis The US Dollar continued to the lower side and is still very much bearish. As it is on this chart, we are expecting either a bullish correction towards 109.813 to pick a buy towards 110.260, or the price should break below 108.745. The anticipated bearish price rally is the continuati