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This forecast is based on the Elliott Wave Principle which states that investor psychology is the motor behind the stock markets. In this analysis however, the analyst not only observes the previous price patterns, but also takes into account the correlation between different pairs before releasing forecasts.

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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.

  1. Must have been used as a support before.
  2. Must have been used as a resistance before.
  3. There must be a big candle that broke through it at one point in the past!

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.

More

2019 EURUSD GBPUSD USDJPY
11
October

Wave Analysis During the previous trading day, Euro rallied massively to the up side and even went above the zone 1.0990-1.0995. As long as the price is contained above this level, we're waiting for a possible correction towards this zone to pick a long term buy order with an ultimate target around

Wave Analysis During the previous trading day, the impulsive five wave cycle stretched massively to the upperside and is still pretty much bullish both on the daily and on the weekly charts. As long as the price is contained above the previous day's highest high, we expect further momentum to the u

Wave Analysis The US Dollar is currently trading with an increasing bullish bias momentum. Just as we mentioned during the previous day's analysis, as long as the price is contained above the trendline above, we expect nothing but a possible momentum to the upperside, the anticipated bullish price

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