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.
| 31 Agosto - 04 Setembro |
weekly
forecast 31 Agosto - 04
Setembro USD/JPY weekly Review Technical View: During the previous week, USD/JPY traded with a Bullish bias after reaching the lows of 116.217, the pair traded with higher lows and crossed through three fib levels 23.6%, 38.2%, 50.0% and is is currently trading around the 61.8% fib level. a | ||
| 2015 | EURUSD | GBPUSD | USDJPY |
| 04 Setembro | Technical View: EUR/USD is currently trading with a Bullish Bias. The pair traveled to a low of 1.1088 before drifting upwards. It is anticipated that the current wave will continue to rally upwards but only up to the key level 1.1151, any movements above the key level 1.1182 will signal further mo | Technical View: GBP/USD is currently trading with a bearish Bias. The pair closed below our key level 1.5330 and is currently trading below it. It is anticipated that as long as the pair trades below this level, short positions are recommended but only up to the key level 1.5216. However, the pair | Technical View: USD/JPY is currently trading with a bearish Bias. The pair bounced off from the 50.0% fib level and is currently trading below the 61.8% fib level, as long as the pair trades below this fib level, short positions are recommended but with the first stop at 118.28, and the next stop |
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