Strategy Description: This really is a bread and butter setup that I don't implement enough. IT IS PROBABLY ONE OF THE SINGLE MOST CONSISTENT SETUPS OUT THERE.
Step 1: Identify the channel to play the support/resistance off.
Step 2: Scale into the level. Do not stop out directly above/below the level. Stop should be once you know it's breached.
Step 3: Instead focus on the scaling correctly so that if need be can get some size off into the first pop.
Step 4: This is a setup for consistency because the first bounce off the level is extremely high probability, which combined with the relatively tight stop-loss creates a nice expected value. Sell at least half into first bounce (obviously be more aggressive with selling if have any kind of size whatsoever). Look to hold 1/4 a little longer and then hold 1/4 even longer (depending on how strong your bigger picture view is).
In this case the market was quite relevant. The market had come off a bit and was in a range day, so was expecting the market to bounce as well.
Very important to realise that this is just a counter-trend high probability scalp.
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