Express Futures

Return to Index Previous Next

Friends and Traders Discussion Forum

trend lines *PIC*
By:charleydan
Date: Thursday, 1 May 2008, 6:18 pm

Here is an chart showing how I use trendlines.

I always mark the support or resistant areas.

They are marked in the flat lines in blue and red. Couple of them had higher highs and higher lows. Indication of more bullish.

First thing this morning when I got up was put the yellow angle line in and the market was not down yet. That trendline is to have one look at the market data in the line. It is very choppy indicating it is an corretion wave. That is an indication if the wave is choppy going down or corrective. Indication the market is going up. Just not sure where yet, but does it matter?

We know it is most likely up and need to find a safe place to get in.

Diagonal triangles always have me on the alert. Most often when an market breaks out of them it goes some distance.

You can draw these lines in smaller time frames to assist in trading or counting EW waves.

I expect the market to pull back now to the 1404 area at the most, forming an -c- wave.