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.
| 02 - 06 Maio |
weekly
forecast 02 - 06
Maio Gold Weekly Review: Weekly Review: During the previous week ending 29th April 2016, Instead of going short as previously forecasted, Gold markets traded long and even broke above the upper resistive trendline. Following this breakout, we wait for downward retracements towards the jus | ||
| 2016 | EURUSD | GBPUSD | USDJPY |
| 06 Maio | Wave Analysis: EUR/USD is currently trading with a bearish bias. Yesterday, the pair broke below the wedge, headed short, but is yet to reach our target support 1.380. During this intraday, we expect a minor retracement towards 1.1444 to continue short with our ultimate target at 1.1283. However, i | Wave Analysis GBP/USD is currently trading with a bearish bias. Yesterday, instead of retracing to the red trendline as previously forecasted, the pair made minor pullbacks to the upper side but could not close below 1.4473. As long as the level 1.4473 protects the lower side, we expect an upward a | Wave Analysis: USD/JPY is currently trading with a bullish bias. For the past two days, the pair have been making higher lows, but not closing below the red trend line forming bottom of the triangle. As long as the pair trades within this triangle, we sit on the sidelines and wait for a clear break |
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