You ask good questions, Harpoon.
I assume you know enough about āforumsā and ātaking advice from peopleā not to try to take my (or anyone elseās) answers as āgospelā? 
Good chart - common situation - I understand and identify with your questions.
The way I resolve that common question, for myself, is that Iāll get in if the distance from where the price is now (having breached support) down to the level of the recent support (that might also turn out to be pending support) is far enough for it to be a worthwhile trade on the basis that by the time it gets there Iāll have taken some profit (partial close?) and/or can move my stop-loss tighter at that point and not lose. If itās a very small distance down to that level, Iāll certainly pass.
Unpredictable. Past S/R and future S/R are two different things that coincide much more often than one would expect by chance alone - is my way of looking at it. I donāt think in terms just of āS/Rā: I think in terms of previous S/R and āpossible future S/Rā and āprobable future S/Rā.
Of course, deciding whatās what takes experience and oneās right only a proportion of the time.
My own rules of thumb are that the more frequently a level has seen S/R the more likely it is to be future S/R, and that the more recently it was S/R (and for myself, I define ārecentlyā in accordance with volumes traded, not with time passed), the more likely it is to be future S/R.
In my opinion (and I think itās fairly āorthodox opinionā, on this point), that makes it less likely to be future S/R unless itās been S/R [I]many[/I] times in the ānon-recentā past, in which case itās still quite possible.
I broadly agree. But have probably just expressed it in different (and more long-winded :8: ) words.
Yes - maybe. Iād be more comfortable going in when the price has just passed that.
There are no āyes and noā answers to any of these questions, IMO. Volume makes them much easier. The experience of knowing your instrument and the time of day makes them much easier, too (if weāre talking about intraday).
