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.
11 - 15 Abril |
weekly
forecast 11 - 15
Abril Gold weekly Review: Weekly Review: During the previous trading week ending 9th April 2016. instead of going short as previously forecasted, gold markets broke above the immediate resistive trend line but could not go above resistance level 1244. As long as the commodity trades below | ||
2016 | EURUSD | GBPUSD | USDJPY |
15 Abril | Wave Analysis: EURUSD is currently trading with a bearish bias. Yesterday, the pair made a lower low on the daily chart and will likely continue short during this intraday. We are waiting for minor upward pullbacks towards 1.1282 to give us a low risk sell opportunity. Ideally, the overall outlook | Wave Analysis: GBP/USD is currently trading with a bearish bias. During this intraday, a strong support is seen at 1.4062, while resistance levels are seen at 1.4193, 1.4289 and 1.44061. A clear breakout above 1.4193 will accelerate an upward rally towards 1.4289. However, as long as 1.4178-1.4193 | Wave Analysis: USD/JPY is currently trading with a bullish bias. Yesterday, the pair made a corrective move below the supportive trend line but ended up rebounding from the level 109.10. As long as the price trades above this level we expect an upward rally towards 109.84. A breakout above 109.95 w |
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11 Abril |