timsk
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Hi Brad,
Welcome to T2W!
Difficult question to answer without sounding facetious! If price hits 'resistance' and struggles to rise any further, then this is the point to consider closing longs and opening shorts. Vice versa with support. However, if resistance is breached, then the forces at play that had previously provided said resistance may have thrown in the towel, adding to buying pressure which in turn leads to a breakout. The tricky bit is defining S/R in a way that is meaningful to you so that you can recognize it in real time and know what to do when you see it. Personally, I keep it very simple, I look out for S/R at swing highs/lows, the previous day's high/low and round numbers. As for 'good methods that work with results' - I recommend that you check out Newtron Bomb's thread:
http://www.trade2win.com/boards/for...5-phil-newton-s-range-break-out-strategy.html
Enjoy.
Tim.
Welcome to T2W!
Difficult question to answer without sounding facetious! If price hits 'resistance' and struggles to rise any further, then this is the point to consider closing longs and opening shorts. Vice versa with support. However, if resistance is breached, then the forces at play that had previously provided said resistance may have thrown in the towel, adding to buying pressure which in turn leads to a breakout. The tricky bit is defining S/R in a way that is meaningful to you so that you can recognize it in real time and know what to do when you see it. Personally, I keep it very simple, I look out for S/R at swing highs/lows, the previous day's high/low and round numbers. As for 'good methods that work with results' - I recommend that you check out Newtron Bomb's thread:
http://www.trade2win.com/boards/for...5-phil-newton-s-range-break-out-strategy.html
Enjoy.
Tim.
