This is classic "Resistance". Only a fool would question... Price TA... "Buy Support Sell Resistance Chase breakouts Trade with stops..." I've brought it to the board's attention at least 100 times! It doesn't matter what you think, hope, fear, analyze, want, wait for, etc... it's "all in the chart". TRADE WHAT YOU SEE AND DISREGARD ALL ELSE!! That's "Price TA". KISS, baby!! If you still "don't get it", likely you never will!! (For those who want to give me grief on this, FUCK OFF! This chart is FACT... not subject to question.) If you benefit from my posts, you can show gratitude by donating a few $$ to a local no-kill animal shelter. If you don't know of one, you can check out "The Max Fund", Denver, CO. They are swamped with dogs and cats that need homes and can use whatever support you care to provide.... and for which they and I thank you!)
Classic I was long from yest. and got distracted and missed that double tap at the highs on the HRE. Ended up giving back 1/2.
Wow... You really "don't get it", in spite of the fact you believe you do. Sorry, "can't fix stupid" (Well-known commedian, Ron White, quote, not my original)
Here are some more lines. The difference is these are drawable without a time machine. Notice how just as many S/R are broken as held. Not saying S/R is not there. One needs way more to get an actionable trade setup, as it happens. That is why you ALSO need excellent trade management, because S/R fails often. So which are the ones to use? Some are more obvious than others. Point is that one needs estimate which will hold and which won't and if they break is it a test, head fake or an actual break.
In the short term, EVERY S/R indication is relevant. To make longer term plays, a trader has to "disregard counter moves which hopefully are short term and shallow". No science or observation to that.. just "hope and gut".. not the best way to trade.
If your bias/thinking is that "S/R fails often"... that is WRONG!! If they failed "often/usually" they would not be S/R, by definition.