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.
| 17 - 21 Abril |
weekly
forecast 17 - 21
Abril Gold weekly review Wave Analysis: As previously anticipated, the impulsive wave (c) traded on the higher ranges and is still pretty much bullish both on the daily and the weekly charts. During trading week, we choose to hold onto our previous buy position with our target still intact | ||
| 2017 | EURUSD | GBPUSD | USDJPY |
| 21 Abril | Wave Analysis: Yesterday, instead of going long as previously anticipated, the pair traded on the upper side and even hit the highs of 1.0777 but ended up below the short term resistance line 1.0739. Unless there's a clear close above this line, we choose to remain flat but just temporarily. Aclea | Wave Analysis: Earlier this week, the corrective wave (4) extended a bit higher than expected and is currently still above a key weekly resistance level 1.2683. As long as the price remain above this resistance level, we expect further corrective wave count to the upper side but should not go beyon | Wave Analysis: The corrective wave (iv) continues to rally to the upper side despite our expectations to close around 109.03. As long as the price remains above 109.03, we expect further corrective rally to the upper side but should not go beyond 111.03 from where we'll be looking for low risk se |
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