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.
18 - 22 Abril |
weekly
forecast 18 - 22
Abril Gold Weekly Review Weekly Review During the previous week, Gold markets broke above the upper thick resistive trend line but ended up closing below it. Following the exhaustion on the weekly chart, expect the price to trade in the lower ranges. During this week, the levels 1214, 1204, and 1188 | ||
2016 | EURUSD | GBPUSD | USDJPY |
22 Abril | Wave Analysis: EUR/USD is currently trading with a bearish bias. Yesterday, the pair broke above a key resistance level 1.1329 but ended up closing below it. During this intraday, a key support level is seen at 1.1283, a clear break below this level will push the price to the lower side. Otherwise, | Wave Analysis: GBP/USD is currently trading with a bullish bias. Yesterday, wave (4) failed to reach our target at 1.4290, instead, it ended few pips before hitting the support level 1.4290. The current upward rally is the unfolding of wave (5) with an ideal target 1.4640. A clear breakout above 1. | Wave Analysis: USD/JPY is currently trading with a bullish bias. Yesterday, the pair traded within a tight range not going above 109.78 or below 109.30. During this intraday, if the price closes as is it right now (above 109.95), then we expect an upward rally. However, if the price close below 10 |
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18 Abril |