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 Abril |
weekly
forecast 24 - 28
Abril Gold Weekly Review Wave Analysis: During the previous week, Gold markets moved slightly to the upper side but could not close above the resistance line 1294.07. We're waiting for a clear break above this resistance line to confirm a continuation of the impulsive wave (c) towards 1396. | ||
2017 | EURUSD | GBPUSD | USDJPY |
28 Abril | Wave Analysis: After gaping above the daily resistance line 1.08641, the pair retraced back to this line but is currently finding it hard to close below it. We're waiting for a clear rebound signal from this key level to long the motive wave (v) towards 1.1111 and could break higher but should not | Wave Analysis: Following the end of the corrective wave (iv) around the lower trend line, the impulsive wave (iii) took to the upper side and even broke above the short term resistance level 1.2890. During this intraday, we expect to continue to the upper side, that the current bearish wave count i | Wave Analysis: The corrective wave (b) continues to rally to the upper side but is yet to hit perfectly our sell zone 111.94-111.693. We're waiting for a clear rally towards this zone to short USDJPY at very low risk, as at the moment, we're not short neither are we long, but we're waiting patientl |
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24 Abril |