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.
|20 - 24
20 - 24
Gold weekly Review Wave Analysis Few days ago, there was a decline in momentum but could not go beyond 96.43. According to the Momentum indicator attached, we expect further momentum to the upper side and could break beyond 1604.750. A break above this level will push the price even high
Wave Analysis Yesterday, Euro closed as an opposite pin bar, the trend is overall downwards but we saw a bullish pin bar, this is not a sign that we are heading to the upper side, as long as the price is held below the upper trendline, we expect nothing but a possible momentum to the lower side.,
Wave Analysis The US Dollar is currently in range not going above 109.360 or below 109.013. If the price breaks and closes above the level 109.360, then this will be a good sign that we are continuing to the upper side, but should the price break and close below 109.013, then this will signal a po