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.
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SPX500 Weekly Review Wave Analysis: During the previous week, SPX500 lost value considerable and is still pretty much bearish both on the daily and the weekly charts. According to the two indicators, As long as the price remains above the 52 Simple moving average and the columns of MACD above 0.
Wave Analysis The previous day's candle was a perfect bearish pin bar candle. While the price is below the previous day's opening price, we expect nothing but a possible momentum to the lower side. To the lower side, the key level to look for a possible bounce is from 1.1486, if this level is broke
Wave Analysis During the previous trading day. the cable pulled back to the lower side but is still above 1.3110. As long as the price is above this level, we expect nothing but a possible momentum to the upper side, the anticipated bullish price rally is the continuation of the impulsive wave (c)
Wave Analysis During the previous trading day, the US Dollar rose significantly and is still pretty much bullish both on the daily and the weekly charts. As long as the price is above 111.85, we expect a possible momentum to the upperside with an ultimate target at 114.60. On its way upwards, the