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.
21 - 25 Dezembro |
weekly
forecast 21 - 25
Dezembro Gold weekly review: Weekly Review: During the previous week ending 18th December 2015, Gold traded perfectly short as forecasted but could not close below the green supportive trend line. We are waiting for a clear break out below the green supportive trading forming the bottom of the | ||
2015 | EURUSD | GBPUSD | USDJPY |
24 Dezembro | Wave Analysis: EUR/USD is currently trading with a bearish bias. The pair crossed and closed below 1.092, but is currently retracing towards it. Unless there is a clear break out above 1.094, we are short with targets below 1.081. In case the price crosses above 1.094, then we will go long with ta | Wave Analysis: GBP/USD is currently trading with a bullish bias. The pair retraced upwards and even closed above the green trend line. Following this massive retracement, we are reluctant to go short unless the price closes below this green trend line. Otherwise we remain long with targets above | Wave Analysis: USD/JPY is currently trading with a bearish bias. The pair traded short during the previous intraday, but could not close below 120.67, we are waiting for a clear close below this level to continue short with targets along the lower green trend line. Any close above 121.38 will call |
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21 Dezembro |