But surely this is only until price breaks down through the support?
The 8 July candle did break support but could not hold and closed just above.
hcristea gave you a very good answer. Just to reinforce the message, unlike other SR methods where they look for bounces off support and resistance, my PASR method does not care whether it bounces, stalls or slices through SR. Whatever PRICE does at SR is PRICE ACTION.
In this particular case, as hcristea posted, the closing candle was not a hammer (PRICE reversal candle) so we would have no reason to look for a long position.
Does this help or is it more confusing?
3) Could you please post one or more charts showing how you identify the ascending triangles.
See attached
4) Do you consider PASR ATM trades permissible within the boundaries of the triangles?
My ATM trades can be anywhere where ALL the conditions, variables, confluences, pair correlation etc., meet/line up. These do not happen very often but when they do, it is better than......(fill in the blanks).
15 YEARS OF PASR ON FOREX FACTORY!