Before you question the worth of a main component of TA, you should ask yourself if you have a sufficient knowledge of TA to where you can recognize what is and what isn't support and resistance. You may want to post 10 or more charts showing where you think support/resistance didn't work. Someone may be kind enough to show you what you are doing incorrectly.
I just have to say it and I'm not trying to be an ass. So many of you have a fairly strong opinion about Support and Resistance and it's effectiveness. I'm getting a sense that a lot of traders on ET trade using S/R levels. It's been said that most traders lose (85%-99%). Is there a correlation going on here? Odds are strong that the majority of S/R traders that post on ET fit somewhere in the failure percentage, but at the same time so many of you speak with such strong conviction. It's unlikely that ONLY the successful S/R traders have posted in this thread. Something is off? Does S and R levels work...or only with a kick ass filter maybe? I have never liked the fact that so many home day traders watch/use S/R levels when most traders fail at trading! The only time I use S/R levels is if I'm trying for an extended gain past my profit target. Never for entry or original profit target. If you are a struggling trader...something to think about? If you are profitable at S/R...I'm not talking to you.
You ask that like there's nothing else left to use, but a very good question to ask. Let's just say I do use use charts and the DOM. When I use charts I pretty much eliminate Support and Resistance from my visual perspective (how is proprietary). How many traders have tried to do such a thing? Not many...I'm sure. I look at S/R like other traders look at noise...something that slows down price action on the way to their profit target. I do have a custom made indicator to start the structure of my setups, but also require a certain amount of price action to qualify any entry. The DOM helps with any adjustment to profit target. S/R causes price to take longer getting to my profit target, but it gets there...at a good win rate. Now, you're really confused?
My guess is you follow price. Having a target means some anticipation. It's quite funny, people want to profit from price movement and watch for price congestions In my book, neutral is weak weakness and weakness is even worse. However, temporary weaknesses are opportunity. Ah, paradoxes!