Percentage penetration

MrNoodle

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Am reading through Murphy for the first time, so apologies in advance for the continuing series of dumb questions.

A couple of times now he's referred to traders requiring up to 3% penetration of previous S/R for confirmation. My question is 3% of what?
 
hi, MrN

ooer, almost deleted the thread when i saw the title :LOL:

i take it as 3% of the s/r price ie: support at 100 then 3% = 3 points

cheers

jon
 
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