You can only answer this question yourself. By posing it you show that in all likelihood you have not spent the 100s/1000s of hours in front of a real-time trading screen to understand price movement. There is NO SUBSTITUTE for hours watching price action. The question is frankly silly (yes I asked stuff like that too years ago) but only experience would tell you that. All the best in your endevours, Q1
In the short time I've been trading, I have focused 100% on S/R and will continue to do so until it doesn't work anymore. Specifically, I short resistance, and I buy support. Since I'm not subjective, I immediately blow the position on a violation. In other words, the risks I take are very small while the potential reward is HUGE. As the fella who is teaching me how to trade says - "support is support.....resistance is resistance.....until they ain't no more." Simple but effective.
TAguru5, I am interested in what s/r time frames you use. (15min, 1hour,daily,5day,10day,15day,20day,ect......)
Anchor, I focus primarily on the daily charts, but I also keep an eye on the 60 minute, particulary for the holders - SMH, DIA, QQQ, BBH, SPY. I prefer trendlines (horizontal & parallel) over MA's but I do use them as well....8, 50, & 200.
It depends on your time frame. 2 minute support isn't nearly as strong as support on the daily. The most important aspect of trading, IMO, is determining your time frame and sticking with it. It's a rare trader who can trade multiple time frames successfully.
I don't use S/R as a reason to enter a trade but will use it to make sure my target price is attainable. For example, if I see a long setup that I like but there is overhead resistance (as I see it) that can possibly stop the upward momentum before my trade reaches at least a 2:1 RR then in all likelihood I will pass up on that trade. I would then wait to see if the resistance is broken before looking for a long setup again.