DislikedThe recent bullish behaviour of Eurousd especially in the light of all the bearish commentary (everywhere) really has hit home to me how important two elements in tandem are - Price action and Support/Resistance.
Separately neither are worth very much.
Together they are very informative.
Horizontal Support and Resistance are just area's where price may reverse. There is absolutely no guarantee of anything though. Price action makes a reversal more probable (and we are reversal traders pretty much here anyway - j16, clock, nison's...Ignored
For example, one week it might have been entry on bar 6. So, all pairs would be entered at that bar. I never closed out the positions, so it was a constant pyramid of entries.
Guess what? As soon as I started this, the reversal happened and we all learned how you should never add to a loser, and that support and resistance without price action is a lot less powerful of a trading system.