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.
01 - 05 Fevereiro |
weekly
forecast 01 - 05
Fevereiro Gold weekly Review: Weekly Review: During the previous trading week, gold markets traded long and even ended up breaking the key resistive level $1100. From the current chart structure and setups, the demand for gold is still by far much stronger than its supply, thus, we believe that | ||
2016 | EURUSD | GBPUSD | USDJPY |
05 Fevereiro | Wave Analysis: EUR/USD is currently trading along a very significant daily resistant 1.1208. Unless the price close above 1.123, we will have remain on the sidelines. A close below 1.1164 would mean we are headed short but with our target at 1.1070. Euro should be traded alongside USD/JPY, these | Wave Analysis: GBP/USD is currently trading with a slight bullish bias. During the previous trading day, Pound traded long and even hit our daily resistant 1.4659 but could not close above it. We are waiting for minor pullbacks towards 1.4525 for us to continue long, with our ultimate target at 1 | Wave Analysis: USD/JPY is currently trading with a bearish bias. During the previous trading day, usd/jpy traded perfectly short and even closed below 117.17, following this downward movement, we are very reluctant to execute buy positions, instead, we will remain short with our target at 115.9. |
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