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.
| 19 - 23 October |
weekly
forecast 19 - 23
October Brent Oil Weekly Review Wave Analysis Last week, Brent Oil rallied massively to the upperside but could not breakout above the zone 43.603-43.801. While the price remains below this zone, we are expecting a possible momentum to the lowerside. The anticipated bearish price rally is the cont | ||
| 2020 | EURUSD | GBPUSD | USDJPY |
| 22 October | Wave Analysis Yesterday, Euro rose massively to the upperside but could not go beyond the level 1.18850. As long as the price remains below this level, we are expecting a possible correction towards 23.6% fib level, and should the price breakout below this fib level, then we will be expect further | Wave Analysis After establishing a resistance level around 1.31795, the cable pulled back to the lowerside and is still pretty much bearish both on the daily and on the weekly charts. As long as the price remains below this level,we expect nothing but a possible momentum to the lowerside, the anti | Wave Analysis After the end of the impulsive wave (iii) around 104.385, the Us dollar bounced off from this level headed straight to the upper side, we expect this rebound to be an end to the third impulsive wave, that the current bullish price rally is the continuation of the corrective wave (iv) |
| 21 October | |||
| 20 October | |||
| 19 October | |||
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