Supposing you've already got your S/R numbers worked out, what are some basic techniques to trade S/R? It seems like there are so many way to do it, each with it's on advantages/disadvantages. One i've been toying with is: take your position when price is at or near the S/R. Look at price at the close of the bar (for my short term trades this is a 5 min chart). If it closed on the wrong side of the line reverse your position. If not, hang on. After a little move your way, set stops to breakeven. This usually lead to some whipsaw losses so on the good moves, you have to make sure the profit is a few times your avg string of losses.
use some sort of reversal entry method to enter the trade - key, V reversal or break of prior high/low .. it is dangerous to just blindly buy at your support number or sell at resistance. basically, you will be fading the trend in all cases and will need tight money management. personally here are a list of some items that I'd like to see a confluence in.. having two or three at the same price area is enough for me to look for an entry: floor pivots wave count fib projection or retracement parallel trendline 20 MA ab=cd and so forth usually, you'll get at least a reaction to verify that others notice that area .. sometimes, you'll get the very top or bottom of a trend reversal, sometimes you just get a few point bounce and then the trend continues.. so, having a set method for profit taking and risk control and how you'll react to every situation imaginable is key.