It seems there are lots of ways people define and react to price action around support and resistance in different ways. To me, I've often cynically thought "if you draw enough lines at random on a chart you can point to how well they work as S/R" but I know this is just a cop-out and I'm trying to determine which methodology of S/R would work best for me. I'm sure I'm not the only one.
I'd like to have a discussion on the follow items around S/R:
How do you define S/R on your charts? Price action? Volume? Number of times the are is visited? Fibs? MM lines? Pivots? VWAPs? MAs? Confluence of a mix of these? Which ones are your favorites?
If price approaches S/R what sort of actions are you looking for?
Breakouts: when do you decide S/R is being violated? What indicators or price action do you look for confirmation?
Support and Resistance: when do you decide that S/R is going to hold price in check and not be violated? What indicators or price action do you look for confirmation?
Do you trade the absolute S/R line, or a range/zone around it? How do you compute your zones?
Any additional comments about money mgt, expectancies relative to recent action and stop loss strategies would be helpful too.
Please include chart samples explaining your thoughts
Measured win rates and/or profit factors are always more helpful than just saying "It's a high probability setup".