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 Few minutes ago, Euro rose tremendously and is currently rallying around a key hourly resistance level 1.11067, this is a key level and as long as the price remains below it, we're waiting for a clear bounce from it to pick a long term, sell order towards the next support level marke
Wave Analysis After a drastic decline seen several days ago, the cable is currently consolidating to the upperside. We expect the current bullish price rally to be the continuation of the corrective three wave cycle and should not go beyond the upper trendline were we'll be looking for a long term
Wave Analysis The US Dollar is currently trading within a contracting wedge formation, this is the correct time to trade reversals, if the price approaches the upper trendline, look for sell orders and if price bounce off from the supportive trendline, we'll consider a buy order. A break above the