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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.
| 22 - 26 May |
weekly
forecast Gold weekly Review Wave Analysis: As previously forecasted, gold markets traded on the higher ranges and is still pretty much bullish both on the monthly and weekly charts.We expect the support line 1212.86 to have marked the end of the corrective wave (b) that the current upward rally is the | ||
| 2017 | EURUSD | GBPUSD | USDJPY |
| 26 May | Wave Analysis: Instead of going long as previously anticipated, this pair continues to correct downwards but should not descend below the thin green line shown above 1.1177, a break below this line will mean the corrective wave (iv) may extend lower but should not go below 1.1103 from where we'll | Wave Analysis: Instead of going long as anticipated, the cable is still reluctant to rise above 1.3037, instead, this pair traded short and has even formed a bearish pin bar on the daily chart (yesterday's candle). During this intraday, we expect a possible bearish wave count with an ideal target | Wave Analysis: Despite the bullish engulfing candle seen on 23rd of this month, the price could not rise above the level 111.90, instead, the pair consolidated around this zone and is currently showing signs of possible momentum to the lower side. As long as the level 111.90 protects any invasion |
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