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1) As you pointed out, support does turn into resistance many times but only when the conditions are right.
2) It's important to note that these Value Levels target key turning points in the market and are extremely accurate.
3) Pay close attention to these levels and learn to trade around them.
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Could you maybe expand a little on the above comments at all? especially the 1st & 3rd paragraphs above.
I'd be interested in hearing your views on who or what determines these value levels & which of the various market participants consider them to be accurate. Interesting points though!
I agree, conditions effect the behaviour of price at specific area’s or zones. And there are smart operators working their edge at varying levels up & down the price grid. So, I guess
value & conditions mean different things to different participants.
For instance, as an aggressive spec I’m certainly interested at these round number levels down here at this previous accumulation zone. But only because of the heightened (prev) activity it attracted & the fact it harbours decent each-way traffic. That alone ensures I can work my patch efficiently as long as that (psychological) activity remains heightened.
My buddies trading further out have no interest whatsoever in relinquishing their shorts until this lower top behaviour signals it’s done & dusted.
First signs of that would be a willingness to hold & base off one of these lower steps down here, with 2.05 maybe showing initial signs.
I guess we all nurture our own views & interpretations of what constitutes value & reasonable risk, otherwise it would be a very boring marketplace.