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.
| 14 - 18 Marcha |
weekly
forecast 14 - 18
Marcha Gold weekly Review Weekly Review During the previous trading week, Gold broke above the upper resistive trend line but ended up closing below it, thereby giving us a reversal candle. During this week, we expect to continue short with wave (a) and ultimately with wave [5]. Ideally, i | ||
| 2016 | EURUSD | GBPUSD | USDJPY |
| 18 Marcha | Wave Analysis: EUR/USD is currently trading with a bullish bias. Following the break above the pivot level 1.1178, Euro appears to have developed a bullish trend. We anticipate a breakout above 1.1380 for us to continue long with our ideal target at 1.1492. Alternatively, we wait for minor pullbac | Wave Analysis: We expect GBP/USD to trade with a bullish bias. Following yesterday's break above 1.4406, the pair is clearly in a trend continuation pattern and will likely continue long with our next ideal target at 1.46609. In the meantime, we wait for minor corrective rally towards 1.4406 to go | Wave Analysis: USDJPY is expected to traded in the higher ranges as long as it trades above 111.05. The pair broke below a key pivot level 112.4 which should now act as a resistant. Thus, as long as the level 111.05 protects the lower side, we will be looking for long positions with our target at |
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