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.
13 - 17 Junho |
weekly
forecast 13 - 17
Junho Gold Weekly review: Weekly Review: During the previous trading day ending 10th June 2016, Gold markets traded long and even broke above the upper resistive trend line forming top of the falling channel. This commodity is still pretty much bullish and may head further to the upper side | ||
2016 | EURUSD | GBPUSD | USDJPY |
17 Junho | Wave Analysis: EUR/USD is currently trading with a bearish bias. Yesterday, the pair traded short as previously forecasted and even hit our target support level 1.1142. Earlier today, the pair retraced to the upper side but is yet to reach our target resistance level 1.1291. We expect further rally | Wave Analysis: GBP/USD is currently trading with a bearish bias. Yesterday, wave (c) went a bit lower than expected and even closed below 1.4103, we expect the level 1.4281 to have marked the end of the three wave cycle with wave (c) ending at 1.4281. As long as the pair trades below 1.4281, we exp | Wave Analysis: USD/JPY is currently trading with a bearish bias. Yesterday, the pair broke below the falling wedge and is still pretty much bearish. The daily candle is very bearish which means the bears may still be having enough energy to drive the market to the lower side, thus, during this intr |
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