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 in the British pound, during the previous trading day, euro rallied to the lowerside but is currently reaching a significant support level 1.16920. This is a major level and while the price is not able to clearly break and close below it we are waiting for a rebound from it t
Wave Analsis: During the previous trading day, the British pound rallied to the lowerside but is currently bouncing off from a major support level 1.36040. This is a ket level and while the price does not clearly break and close below it, we're waiting for a rebound from it to pick a possible low r
Wave Analysis: Eelier today, US Dollar bounced off from the supportive level 109.205 and is currently heading straight to the upper side. As it is on the daily chart, we are buyers towards 109.90 and may continue even higher. If the price breaks above this level, then further momentum much higher i