I never used to put a lot of emphasis on support and resistance, but lately I’ve become a believer in its power. I’ve watched some great videos on the subject. I just made 4 screen captures from different instruments. My personal preference is to look at the HOURLY chart for support or resistance, and then switch to the 15 minute chart for possible entries. Many times a good sup/res area holds up a day or two later. What makes this strategy even more powerful is when they end up near a deviation. One day’s support or resistance can end up right at a big deviation, like +/- 2. Check these out:
Crude: Resistance holds two days later.
E-mini S&P500: Resistance holds two days later at the .7 deviation.
GBP/JPY: Resistance holds the very next day at the +2 deviation.
GBP/USD: Same thing!
Nadex binary strikes just above resistance or just below support would only have to hold for a short time. I had a successful trade on the ES a couple days ago. I used a 2-hour binary contract that had only 1 hour & 10 minutes to go. I exited the trade after 41 minutes for a $19.50 profit! Here’s that image: