The defining nature of support and resistance is what gives its prominence in the practice of technical analysis. One of the misconception traders has is that price is expected to bounce at a specific level. Ofcourse, we should remember that price analysis is not to accurately predict a turning point in the future, but to improve our ability to forecast correctly more often than not.
This is where resistance and support plays a key role and why my strategy over the years has only been resistance and support with the use of MACD. Ofcourse I have different variation of the strategy.
I will begin to post my trades with charts for all to see how effective it is to simply use resistance and support.
