I am wondering if there is anyone out there strictly trading price levels. What I mean by that is for example is that you have identified an area of support in an up trend and place a buy order there. If that price is hit you take the trade. What you are not doing is waiting for some sort of candle stick formation or indicator to tell you that the area is valid.
The reason I ask the question is because someone has to be trading those levels otherwise you would never get the confirmation in the form of a pin candle or rsi flip. Someone has to be trading those levels in order to move price to create those formations.
The advantage to tradeing these levels is of course a better entry price above or below the conformation entry were you would have gotten in otherwise. In addition, although the success ratio of these trades my seem lower you have the advantage of being able to reach your profit target sooner because your entry was sooner. So a trade with a 40 tick target that might have been a loser because it only moved 50 points top to bottom becomes a winner because of your entry.