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 We continue to see further rally to the upperside but the price is below 50.0% fib level, if the price can rebound from this fib level, then this will be the ideal place to consider a possible long term sell position expecting the price to break below 1.20 towards 1.21 or even higher.
Wave Analysis The British pound still strunggling wikthin a range. As it is now, we are looking for a possible close above the previous week's closing price. If this is the case, then we will be looking for long term buy positions during the previous week expecting price to break above 1.40 or even
Wave Analysis The US dollar continued on its way to the lowerside but is still above the upper trendline, while we see sustainance above the upper trendline, we are waiting for a possible buy signal during the coming week. If you are looking at this chart right now, wait for a reboound from the sam