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.
| 10 - 14 Abril |
weekly
forecast 10 - 14
Abril Gold weekly Review Wave Analysis As previously forecasted, the impulsive wave (c) traded massively to the upper side but is yet to reach our target at 1396.94. This is a pivotal retracement level on the weekly chart and will likely restrict any movements to the upper side, thus, as long as | ||
| 2017 | EURUSD | GBPUSD | USDJPY |
| 14 Abril | Wave Analysis: As previusly forecasted, Euro traded on the lower ranges but is currently rallying above a key supportive trendline forming bottom of the rising channel. Unless there's a clear break below this trendline, we choose to remain jittery about going short in this pair. A break below this | Wave Analysis: The cable continues to retrace to the upperside but is still within our weekly retracement weekly level 1.2683. Unless there's a clear break above this level, we choose to remain flat momentarily, expecting a possible rebound around 1.2683 to continue short with the impulsive wave (5 | Wave Analysis: The impulsive wave (iii) continues to rally to the lowerside and should be extensive in nature. We're waiting for a clear break below 109.03 and then a retracment to the just broken level to give us further low risk sell opportunties. Ideally, we're waiting for a clear indication tha |
| 13 Abril | |||
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| 10 Abril | |||
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