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Broken Mirror-Flip
Seven years bad luck or...
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Pepe le Pip
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January 29, 2014 - 04:13
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Hello Theo,

When a support or resistance level is broken, we anticipate the level may act as a 'mirror-flip' support/resistance level. If the 'mirror-flip' fails to hinder or halt price, ie, price slices through the level, do you then ignore, and remove from your chart any horizontal line representing the level?

The 'split double-tap (head & shoulders / reverse head & shoulders) would be a different case would it not? I mean a horizontal line would be taken from the left shoulder, through the head and extended to the right. If the extended line was not tested, would the level still be considered active as a potential resistance level?

Also, when do you consider support & resistance broken? What does price have to do to confirm the level is broken?

 

Pepe.

Without you (price action), I am not worth a [s]cent.

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Theo Patsios
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January 29, 2014 - 05:47
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Hi Pepe,

If an area is broken and the mirror flip is also ignored then the area is no longer valid yes.
The only 1 exception is on perfectly clear head and shoulder patterns which are split double taps.

For me I usually allow a 3 pip buffer on my support/resistance areas.

Theo

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