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, instead of continuing to the lowerside, Euro retraced massively to the upperside and is still showing signs of continuing much higher. As it is right now, I am waiting for a rebound from the upper moving average to pick a possible long term sell posit
Wave Analysis: yesterday, the British pound pulled back to the upperside and is still showing signs of continuing much higher. On this chart, I am looking for a possible continuation of the previous day's bullish rally and may see the price continue towards 1.14770 and could breakout upwards. If th
Wave Analysis: During the previous day, very little movements were seen to the lowerside, instead the price failed to break below the previous day's lowest low, or the previous day's highest high. While the price remains within these ranges, we are waiting for either a breakout above 144.680 to pic