In regard to Jims s/r trading. Is there a distinction between old support/resistance and current? Is one weighted more than the other, or do you want to see current s/r confirmed by previous areas? And finally, does the space between current and old s/r have any significance?
If you wait for trades at levels that have repeatably given strong S/R rejections throughout history you, on average, should do pretty well.
I personally like trades where the level has given good rejections recently. ...On a 4 hour chart that can be the past couple of weeks or whatever.
NOW ALSO.... Going back, say, 2 years on your 1 hour chart and finding a level is over doing it, BUT if that same level is significant because of your weekly chart , then that's important to watch.
To put it simply. Look to higher time frame charts to find levels without the lower time frame 'noise' S/R levels you are wondering about.
You want to be 'Weighting the significance' of S/R levels based on evidence you see up through the higher timeframes really, I suppose, is the answer you are looking for.
Levels on your weekly charts are going to be a lot stronger than those on your 5 minute chart.
Edit: If you want to see a great way to find the strong levels, I think Raczekfx has given the most chart examples in this thread. I suggest you study his posts. You will see how even a bunch of monthly bars that look sideways can give great high probability trade levels you can watch on the lower time frames.
Bundy's status today: "Waiting..."
Better late then never.
