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.
05 - 09 Dezembro |
weekly
forecast 05 - 09
Dezembro Gold Weekly review: Weekly review: During the previous trading month, Gold's monthly candle opened at 1276.81, went as high as 1337.19 but ended up closing at 1173.12. The previous months candle is a perfect bearish engulfing candle and will likely push the price further t | ||
2016 | EURUSD | GBPUSD | USDJPY |
09 Dezembro | Wave Analysis: Yesterday, Euro opened at 1.07515, went as high as 1.08719, but ended up closing at 1.06140, several pips below it's weekly opening price. The previous day's candle is a perfect bearish engulfing candle and signals a possible increase of sellers in the market. Although we expect furt | Wave Analysis: As anticipated, the cable retraced towards 1.2734 but ended up closing at 1.2584, just a few pips below it's opening price, 1.2622. The previous day's candle is a perfect bearish pin bar, and should push the price further towards 1.24044 or even lower. As long as the level 1.27700 li | Wave Analysis: Yesterday, instead of going short as anticipated, the pair retraced to the upper side but is currently stalling around 114.48, which is the top of the triangular formation. As long as this limits invasion to the upper side, we expect a possible rebound from this level to go shot towa |
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