can consider a level to be used as support or resistance, you will want a minimum of two touches. Key market levels are the core foundation of all technical analysis and price action trading. These levels are obviously very significant and I discuss different ways to trade them in my price action trading course. You will notice the pin bar formed a second touch off the level two candles back. He has a monthly readership of 250,000 traders and has taught 20,000 students since 2008. So if the supply is going to be taken out, then the price needs to go through the level. The risk level should be just above or below the boundary that you entered the trade from and the reward level should be at the opposite boundary of the range-bound market.
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Precise timing can be crucial in many Forex trading strategies and a careful analysis of the horizontal levels can help us find the correct timing and place a good trade. The bears know there are buyers off the price where the bottom of the pin bar formed, but they are not going to give up control of the trend just from a simple pin bar. They care about where large groups of stops are sitting. But when the bears tried to get past the last major resistance, now turned support (forming a role reversal level the bulls used this as an opportunity to get long. In reality, forex support and resistance trading levels are like doors or walls, either they will be open or closed either they will break or they will hold shut.