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 Since the beginning of this week, Euro rallied to the lower side and is still showing signs of continuing much lower. While the price remains below the Envelopes indicator, I expect nothing but a possible momentum to the lowerside. The anticipated bearish price rally is the continuat
Wait for a possible rebound from 1.40067 to pick a sell, or a break above 1.40067 to pick a buy position towards 1.41840.
Wave Analysis Looks like the British pound is heading to the upperside. We expect this bullish move to be the continuation of the impulsive wave 5 to the upperside and should extend much higher towards 1.41840 as it is now, we want to see a clear breakout above 1.40067 to mean we are continuing to
Wave Analysis The US Dollar continues to struggle within 109.401-109.225. If the price can break and close above this level, then further momentum much higher is expected with an ideal target set at 110.610, then further momentum to the upperside is expected towards 112.00 or even higher. As it is