Perfect example of why S&R is just plain wrong analysis.

[deaddog]

Think Uno cards and magic 8 Ball.

Never played uno so I don't know what the cards look like. I'll have to google it.
Using the magic 8 ball is something I do all the time.

You are certainly pretty vague about your how you trade.
Talk the talk but don't walk the walk.
Lots of might happen, should happen, could happen but no specific I bought at this price.
You want some credability you gotta prove you know what you are doing.

 

[oshjdf]

There's different levels of support/resistance and most money is made from determining positions based on how assets act around support/resistance. I agree with buying a minor support level after a topping formation would not be profitable. Based on the limited timeframe shown I certainly wouldn't want to buy that "support". How about an asset class that has had significant stops go off for days and has created multiple inefficient gaps and is now headed toward exhaustion right at major support. This is one of the best opportunities. So I think it's a bit more complicated than support/resistance not working.

One successful day trader I know don't use chart support to buy and resistance to sell but broken support/resistance to start waiting for sell/buy opportunity.

But I also know few successful day traders who buy/sell at support/resistance. The key of their methodology is trend analysis @ prediction like wave count, harmonic pattern, fibonacci analysis, volume, L2, etc.

Anyway, I ditch the concept of S/R to buy/sell because it's pretty vague @ subjective and only work on certain market condition.

In other words, each of us develop our own methodology based on experience.