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 Just as previously expected, Euro bounced off from the upper trend line, headed straight to the lower side and is still pretty much bearish both on the daily and on the weekly charts. As long as the price remains below the upper trend line, we expect nothing but a possible momentum to
Wave Analysis The previous day the British pound opened at 1.2468, went as high as 1.2529, but ended up closing at 1.2465 just a few pips below its opening price, the previous day's candle is a perfect bearish pin bar candle. As long as the price remains below the previous day's highest high, we ex
Wave Analysis The Us Dollar continues to rally within the range, not going above or below the supportive trend line. As long as the price remains within this range, we're waiting for a either a bounce from the upper trend line to pick a sell or a bounce from the lower trend line to pick a buy. In c