Do Trendlines work?
- Thread starter duard
- Start date
countertrend when it hits support or res,its hitting res here and not pulling back so it will go thru it and in a day or 2 or week it'll turn back down,these trendlines are just guidelines and u have to let the mrkt tell u where the top is,i'm short since friday and prepared to cover and get long and reshort higher,1440,1450
Will go short on the attached chart if 1 or more bars consolidate here with overlapping and contracting bars.
We are at support of: an uptrend line from intraday and support line in the way of yesterdays close.
<img src=http://elitetrader.com/vb/attachment.php?s=&postid=2146772 width=800>
We are at support of: an uptrend line from intraday and support line in the way of yesterdays close.
<img src=http://elitetrader.com/vb/attachment.php?s=&postid=2146772 width=800>
Quote from epetrov:
Tradersaavy,
BTW how do you enter the trends, how do you sellte the stop loss and how do you take profit? Would you share with us?
I will post information with the live trades that I post which will hopefully help with this.
Target is 8305 which is a swing low
Came within 8 points of target so moved stop to breakeven and stopped out at entry.
Not needed, perhaps, but they are certainly useful visuals for support and resistance. So, if one trades using support and resistance, well.... there you go.
Being that the thread is about trendlines "working" I try to show examples of how they can "work" for someone.
Current trend lines (which again are nice representations of support/resistance areas) on Dow 5m futures