trendline trading strategy
The trendline strategy for me involves zooming out to the 1 day timeframe the drawing an upper and lower trend line to connect at least 2 highs at the upper trend line and 2 lows at the bottom trend line.
The upper trendline will act as resistance and the lower one will act as support. When it is time to trade i zoom into the 15 minute timeframe and input a 50 day moving average.
If the price hits the upper trendline (which is supposed to act as resistance) and bounces off, I short the market so long as the candles are above the 50 day moving average.
When the price bounces off the lower trendline, I go long as far as the candles are below the 50 day moving average.
Adjusted screenshot
Trend line strategy is actually a simple one, you pick a trend and use the trend line tool to draw a line to touch the wicks of the trend.
If it a downward trend, the trend line has to touch at least two wicks on the trend to be credible.
Now, after you have gotten your trend line drawn, the idea is that price will not break above the trend line so you can set your Stop Loss above the trend line for safety.
Whenever price breaches the trend line by about two candles, the trendline is nullified.
Trend line strategy is actually a simple one, you pick a trend and use the trend line tool to draw a line to touch the wicks of the trend.
If it a downward trend, the trend line has to touch at least two wicks on the trend to be credible.
Now, after you have gotten your trend line drawn, the idea is that price will not break above the trend line so you can set your Stop Loss above the trend line for safety.
Whenever price breaches the trend line by about two candles, the trendline is nullified.
Start drawing the trend line from the begining of the trend, and make good that the trend line touches the pullbacks on the trend (see blue circle in chart image). Remember to use the "trend line tool" to draw your trend lines, you can find it in your toolbox panel
