Easiest Stock Trading Tool To Use (MA Trading School)
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\nSimplest technical tool there is
\nLine, overlaid on the graph connecting the highest peaks or lowest bottoms of price action
\nAscending trendline or descending
\nThe idea: if price breaks above or below the line, a potential change in trend is signaled
\nValidity
\nMust connect 2 or more peaks or bottoms. More lines of \u201ccontact\u201d the stronger the line (and emotional signature for traders actions)
\nConnecting the close of bars, not the wicks (extremes)
\nIndicates points traders were willing to hold their positions vs extremes that didn\u2019t hold
\nLength = strength
\nChange in trend signal doesn\u2019t mean to act, merely an indication to monitor price action
\nMay be a complete reversal, consolidation (sideways) or become more aggressive (steeper trends harder to maintain)
\nPro-tips:
\nvolume provides a clue to strength of trendline violation
\nA break with low volume indicates less enthusiasm among traders and potential false breakout, or whipsaw
\nExtended trendlines: can extend line out past current time period to anticipate movement (not guaranteed though)
\nSupport becomes resistance
\nForming channels when possible (trend line above and below a trend)
\nPotential to trade in-between channel and spot exhaustion at support for reversals
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