I am new to trading, using support and resistance(price action) as my trading strategy. I am not confident, when to enter a trade.
Today i gave a thought to entering a trade only when price reaches a key support, resistance level and not anywhere else. Keeping stop loss above or below, depends whether its a supp or resistance.
You can read http://zerodha.com/varsity to know more about resistance and support.
Pivots are of great help in price action trading strategy. You can add the same by right clicking on the charts and tick on day separator. Google it.
Best Strategy to Trade with Support & Resistance points are Enter Long when Resistance Broken and Enter Short when Support Broken. Maintain a Stop loss as per your risk capacity. Because sometimes Price give false breakouts and Move back.