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MIDAS Technical Analysis: A VWAP Approach to Trading and Investing in Today's Markets by David G. Hawkins, Andrew Coles

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Support/Resistance Becomes Resistance/Support

The foregoing section is all well and good, and works as described. However, a serious question arises when using two different formulas, one for S and the other for R curves, a question that Levine never had to face. Since the MIDAS S/R curves are a subset of all of the support/resistance methodologies within technical analysis, we should expect that they would behave as the other methods do. Specifically, I'm referring to the principle that once price breaches a support level, and then later comes back up to it, that level then acts as a resistance level. And similarly, once resistance is breached and later approached, it acts like support. This is a very well-known and documented phenomenon when ...

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