Number of times price hits resistance/support then breaks

[vingbel]

Quote from pspr:

Double bottoms hold
Triple bottoms fold

From what I found, in my very simple number crunching, this seems to be true on average.

 

[circadian]

Quote from vingbel:

After that resistance or support is set by being hit twice and reversing. As a closing number.

For example: SPY closes at 930 twice, then you expect it to touch that number three or four more times (on average before breaking? Meaning end of day numbers.

Thanks for the input.

3-4 times total, so after a two touches, I watch momentum and volume closely for the 3rd and then 4th touches. Momentum and/or volume divergences (positive or negative) at or near s/r levels are what I pay the closest attention to. People can say this or that, but this is just my personal opinion, and the way that I trade s/r levels.

Instance where a support level has a very high probability of holding: Price has bounced twice/three times off of level, and is approaching it again with the presence of either(or both), declining volume and/or positive momentum divergence. Short term ATR contracts as price draws near the level. Trade has a high prob of working out. Use a stop, period, period, period.

Also keep in mind that an exact price level is not always a desirable level, as there's a ton of participants that don't mind s/r levels. I like an s/r zone, more than an exact price level.