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the interpretation and application of price action concepts

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We all share a similar path in Trading. Even though you may not be a consistently profitable trader now, you can chose to enjoy the path. This alone may make the difference in your success.

 

TREND LINES


[Ascending Bottoms Trendline]  [Descending Tops Trendline]  [Ascending Tops Trendline]  [Descending Bottoms Trendline]  [Action Reaction Trendline]  [Andrews Pitchfork]  [Channels] [ Cut Through Trendline]


  • Trend lines are one of the most useful tools in trading. When you trade off trend lines you are trading off pure price action. 

  • Trend lines are utilized to determine trend, momentum, support and resistance and reversals.
  • The steeper the slope the greater the momentum.
  • Trend lines are support and resistance.

 

 

092903 ES 15 min Trading off trendline support and resistance. I am looking at 60 minute and daily at same time. 

1= descending tops trendline, 2- target 3rd wave then favorite Andrews first retest setup, 3= retest another Andrews MLH and near wave 4  target, 4 = double top TL, 5 = Andrews MLH and wave 4 target and Daily Andrews MLH. Indicators not required.

 
   
Bonds Chart 072203 5min  

You do not need the low or high of a move to be profitable. Lots of points here after Trendline trend change. Bond again today 2x the $$ daily range of ES. Using the trendline( a few ticks above/below) as a stop with add-ons made for a great day.

Ascending Trendlines, the bottoms that meet the trend line represent bottoms of trends. This is buying signal.

 

Descending Trendlines, the retracement tops that meet the trendline  represent tops of trends This is selling signal.

 

 

A penetration from an ascending trend line must be confirmed by one close below the trend line. Conversely, a penetration from a descending trend line should be confirmed by one close above the trend line. Important, volume is the key to determining the significance of the penetration of a trend. Volume increased when the trend line was penetrated. This is an important confirmation that the previous trend is no longer intact.

After confirmation, penetrations are likely to be followed by a period of consolidation. Price often retests the TL just broken. It is relatively rare for trends to suddenly reverse direction.

Once a trend line is decisively penetrated, it normally changes its role from one of support to one of resistance for an ascending trend line or resistance to support for a descending trend line

 

 

expect miracles, they are everywhere.............. God is good all the time

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