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.
| 03 - 07 Julho |
weekly
forecast 03 - 07
Julho Gold weekly review Wave Analysis During the previous month, instead of going long as previously anticipated, Gold market corrected itself downward and is still pretty much bearish. We expect the downward rally that began during the previous month to be the unfolding of the corrective wave (b) | ||
| 2017 | EURUSD | GBPUSD | USDJPY |
| 07 Julho | Wave Analysis: During the previous month, instead of going short around 1.1248, euro continued rising and is currently around a key monthly sell level 1.1480. We expect a possible rebound from this level to short this pair. The anticipated short position is the continuation of the impulsive wave (5 | Wave Analysis: Perfectly as previously forecasted, the corrective wave (b) ended a bit earlier and could not extend below the short term support level 1.2910. We expect the level 1.2910 to have marked the end of this correction that the current upward rally is the continuation of the impulsive wave | Wave Analysis: Perfectly as previously anticipated, earlier today, following the minor correction of the impulsive wave (v), this impulsive wave (v) extended higher but is yet to hit our target take profit. During this intraday, we still expect a possible extension of this impulsive wave to the upp |
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