Disliked{quote} I think you are missing the resistance in the area as shown by the two areas to the left of your chart. Won't trade long until that is cleared.Ignored
When I talk about R and S, I use the lines on the Chart which represent Fibo levels in real time. I have the most common Fibo levels on the chart, so as not to get confused with too many lines. I like simple chart with only essential lines on it.
Now, Resistance and Support..
They only work until they don't, right? Same for the trend lines.
I have to say though, there is a method of trading using R and S, but you have to know what to look for. You definitely need experience to know if the breakout is fake or is it real, if it's real is the retest gonna come? Will you wait for the retest to happen or potentially miss the trade, because sometimes it doesn't happen?
Am I right the price can break R or S without retracing back to retest?
Let's try this example!
What would you do here and why? Thanks!
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