I wanted to play around with the idea of backtesting trading with just Support/Resistance Levels.
I decided to use Think or Swim’s OnDemand feature, which will allow me to go as far back as 2010.
In this first post, I have a weekly chart that shows price has gone sideways.
On my Daily chart I’m trying to decide should I go long assuming the price will resume going up or should I short?
Before I reveal the direction price goes what information would you take into consideration.
On the weekly price has been trying to push up, but ended up falling for three weeks and stalled.