If I go short on a pair and it drops down below a Pivot support line does that support line now turn into resistance? I dont beleive it does but my friend keeps saying it does.
In my opinion, if the candle closes below that support line and the next 2 or 3 candles fail to break above it, I would consider it to be a resistance area
It’s a good question and in my opinion I’d say it doesn’t have as much as an impact
I suppose it depends how it went through the pivot, read a nice little quote from an old trader yesterday where he was re-quoting a market truism - price is falling, not because of sellers, more because there are no buyers.
Price falling right through a support would suggest a lack of buyers at that point - there were no buy orders, but possible sell orders still unmatched, so assuming no change in fundies, if price goes back up - there awaits … sell orders.
I think peterma made a good point with his thread. When it comes to technical analysis keep in mind that it is not an exact science where 2+2=4 all the time; it is an art form which you may master through experience which will take years to develop. Can support turn into resistance and vice versa? Yes, of course that is very possible and happens quite often. Having said that, it does not have to be like that. You should look out for other indicators and view the bigger picture.
It may or may not depending on how much support a pair is having and also depends largely on the currency pair that you are trading with 