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.
|14 - 18
Gas weekly Review Wave Analysis After a spectacular spike to the upper side, Gas corrected itself 100% buy failed to break below both the supportive trendline and also below the level 2.633. As long as these two remains intact, we expect a possible slow move upwards towards 4.530 or even higher.
Wave Analysis For the better parts of this week, euro has been on the loosing end against the US Dollar, as long as the price remains below 1.1450, we're still within our sellers territory. Therefore, we'll expect a possible steep decline towards 1.0621. The anticipated bearish price rally is the c
Wave Analysis Perfectibility as we forecasted during the previous trading day, euro spiked higher and is still pretty much bullish both on the weekly and the daily charts. As long as the price remains above the upper trendline, we expect a possible steep rise towards the level 1.3132. As we mention
Wave Analysis: The US Dollar is still trading within the contracting wedge formation. As long as this wedge is not violated to the upperside or to the lowerside with a big candle, we choose to remain flat. Basically, we're waiting for a break above the upper trendline to pick a long term long posit