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.
| 24 - 28 July |
weekly
forecast Gold weekly review Wave Analysis: Perfectly as previously anticipated, Gold markets dropped but could not go below the monthly support level 1204.97. Instead the yellow metal bounced of from this level and is currently picking a momentum to the upper side. We expect the level 1204.97 to have ma | ||
| 2017 | EURUSD | GBPUSD | USDJPY |
| 28 July | Wave Analysis During the previous trading day, there was a slight correction of the impulsive wave (v) but could extend even lower during this intraday. Since march this year, this pair has been in a constant up trend and is likely to trade even higher during the coming months, thus, the downward r | Wave Analysis: Yesterday, a slight correction of the impulsive wave (c) was witnessed when the price could not extend above 1.3119, instead, there was a rebound from this level and could even extend lower. This downward rally is a mere corrective wave count and should not go beyond the end of the i | Wave Analysis Following the end of the corrective wave (4) around 112.003, the impulsive wave (5) traded on the lower side and is still pretty much bearish both on the daily and weekly charts. During this intraday and also on the coming week, we expect a possible extension of this impulsive wave co |
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