Support and Resistance
Posted: Wed Nov 05, 2008 9:07 am
Area I'm getting hung up in concerns the number of time price can hit a R or S level. When I see S respected, a target hit, then back to S again, the betting man in me says do not take this S again. There does not appear to be a distinction made with P and L in this regard, per se. The methodology does not have the mechanism within it's nature to accommodate it, does it? One must rely on price action and watching nearby R's falling, lines setting up, etc to tip one off that this second time around will not offer anything from the long side.
D.A.
D.A.