Are We There Yet?

One of the things I'm always asking in trading is: "Are we there yet?" This would refer to either support or resistance. For me, daytrading, there are lots of S/Rs, depending upon each timeframe you are using.

How do you tell if it's S/R?
  • Are you at a Fib #? 38.2%, 50%, 61.8%?
  • How much activity to the left of the chart is at this point? Meaning, was this a previous S/R? These would be deemed pivot points.
  • Is price action following any moving averages (MA)? Meaning, does it tag a certain MA and begin moving back in the same direction or against it?
  • Since I use candles, what do these tell you? Are there lots of dojis?
  • Volume tapering off?
  • Where are you on RSI? Overbought? Oversold?
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