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.
Technical Observation: We're still seeing struggling above the upper trendline, this chart is very bearish especially on the monthly charts, if you are looking at this chart right now, we recommend looking for long term sell positions, however, as long as the price remains above the wedge for
Wave Analysis: During the previous trading day, the British pound rallied massively to the upperside and even went above the upper trendlline, as it is right now, we are looking for a possible long term buy position. The anticipated bullish price rally is the continuatioo of an impulsive wave
Wave Analysis: Just as previously expected, the US Dollar continues to rally above the upper trendline, despite the previous expectation that the price could pullback to the lowerside, as it now, we are focusing strictly on buy positions. The idea is to wait for low risk buy signals unless th