I have gone through like half of Adam grimes course and have to say that it's okay, not great, but not bad either. Sometime he only looks at things one way with his statistics and he will tell you what doesn't work a lot, but not what does. I'll continue with the rest of the course though when i feel up to it. So far i've gotten value from it. I'd also like to say i've gotten value from this thread, thank you.
The following user says Thank You to wallo101 for this post:
Support is defined as a price below the market where there are more buyers than sellers.
Resistance is defined as a price above the market where there are more sellers than buyers.
Therefore if the price "breaks through" a level where you expected to find buyers/sellers, then you simply had the S&R level drawn in wrong, because traders didn't enter there.
The best S&R levels are; trend lines, trend channels, previous highs and lows, and measured move projections. The most reliable trades come from when you find a confluence of these levels.
Less important but still worth paying attention to IMO; the OHLC of yday/last week/last month (mainly for stocks/indices), fib retracements/extensions (especially 50%, I know it's not a fib number but very often buyers at 50% PB in a bull), round numbers, and risk projections (e.g. 2x risk from an obvious signal bar).
I never found pivot points to be any use. I am willing to learn though, if anybody can point out pivot points acting as reliable S/R on a chart and explain how they got them please do.
It's the break of key support or resistance that's meaningful, not the levels themselves. They are highly indicative of future direction, both in magnitude and in duration. At least they are for me, in my analysis and trading.