Do Trendlines work?

Ok Merchant now you want me to explain things. Be glad to. Jack has a comprehensive insightful and elegant body of work and approach. I know this because of study, application and positive results. You on the other hand are a different piece of work. Once you thought you had an edge based on Jacks posts, you blindsided him and bated him until he got thrown out so you could preserve your perceived edge. And here you are so pissed off you can’t let go of Jack. You’d rather screw with peoples heads to get information than do the work yourself. Your game is drink from the well then poison it for others. Its not that you think Jacks method is BS you just can’t get your drunken brain around it, and the only method you know is manipulation. Your just a punk with a big ego who would rather stay on unemployment and get pimped out for work than learn to get rich. You think you have me pegged, not hardly punk.
 
One could play the break of these lines.



However, be cautious as there are support and resistance areas close to areas outside of these lines.


VERY IMPORTANT:
How to play the break of the lines is key.
This is up to the trader.
 

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Watching the chart on the left today. It was easier to read.

Caught the BreakOut up. TOok second leg short looking for a point 3 presuming that a long channel was in effect. After breaking past 1163, I recognized the first trade as a failed break out so new that a new pt 2 was in the cards for a Short Channel. Late entry on the traversal to new pt 3 and voila, short channel. Pt 3 right into a new short traversal which failed on the very next bar. Washed out and shen long on the 11:00 bar looking for pt 2. Pt 3 was next on the reverse, and now looking for either a traversal back to R or a failed traverse into midday for either a lateral or pennants... Only saw one confusing bar as things were unfolding, (10:55)... Right chart is looking penant like. Day is looking "W"... PM, biased towards a breakout into a short followed by long as far as channels and consideration for the "W" formation, but we shall see what happens...

Yikes, VOL spike (ie. WIDEN THE CHANNEL - left chart)...

Right was looking pennant like before vol spike... Had new point 3 and same R on right after vol spike. Interesting... Check the PM chart later today for the as is unfolding that has just occurred..
 

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Quote from tradersaavy:

triangle update

The top side trendline broke.

Price hit yesterdays high and stopped dead.

Personally, I missed the trade.

This would have been a scalp trade IMHO.
More...

A clue in was the volume. 1 min into the 11:35 bar, you had volume already more than half the previous 5 min bars volume value. This is just early debrief since it is something I am already aware of that I glance for. I've got a countdown clock in the top right so that I can scale roughly the amount of volume that will show up in the remaining time left of the bar. I know this is not perfect, so I just use it to be alert. I glance over to as many things as possible and look for when things poke out unusually. Seeing 1 min volume equivalent to the entire previous 5 min bars volume is pretty high on my take action if it is in a direction that is against me... It is actually the very first thing I am focused on when each bar begins.

Kindest Regards
 
Missed the reversal because of posting, so was reversed on the 11:55 stall and now wanting a short back to previous point 3 but possibly establishment of a new point 3 (possibly latereral point 2) for change into midday mode... Either way I'm holding short looking for a flaw to reverse long...
 
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