Traders Cooperative

[Newly2b]

I think you are aware, ARS, that TA is very subjective, part science, part art, and choosing where to put the S/R lines is one of the most artistic areas of charting. Some are obvious, many are not. I like to see several factors pointing to a specific area (note I say area, not specific price, because that is what they are), for example, a fib retracement aligned with perhaps an MA and a past price reversal plus a proposed pivot point, etc., more than one thing indicating a reversal is more likely to occur in that area than another area. Even if one chooses the proper area, price can slice right through with enough momentum. Like any other indicator, properly identifying S/R areas will increase one's odds of a winning trade but do not guarantee it.

Newly