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.
| 09 - 13 Maio |
weekly
forecast 09 - 13
Maio Gold weekly Review Weekly Review During The previous week ending 6th April, Gold markets broke above the upper resistive trend line and is still pretty much bullish. Following this breakout, we are very reluctant to look for short positions, instead, during this week, we will be keen | ||
| 2016 | EURUSD | GBPUSD | USDJPY |
| 13 Maio | Wave Analysis: EUR/USD is currently trading with a slight bullish bias.Yesterday, the pair traded short for the better parts of the day and even ended up closing within the descending channel. Although we expect further momentum to the lower side, we will only sell upon a clear breakout below the s | Wave Analysis: GBP/USD is currently trading with a slight bullish bias. Yesterday, the pair broke above the channel but ended up within the same channel. As long as the pair trades within this channel, expect a rally to the lower side, a clear breakout above 1.4480 will lead to an acceleration to t | Wave Analysis: USD/JPY is currently trading with a bearish bias. From the hourly chart, double top pattern is in a process of continuation with the resistance level 109.34 being the top . We expect a downward rally towards 108.35, then an upward retracement towards 108.56 to give us a low risk sell |
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