Trading-with-Ali

How to trade with a trend line

BITSTAMP:BTCUSD   Bitcoin
Let's do it fast and simple. We see an up trend, a trend line, bullish momentum, bullish candles with big bodies. As they say, go with a trend. Do not fight with trend.
Buy when price touches the trend line.
But where do you put your TP? It's simple. You turn to 5 min time frame. There you can see a bullish flag. What's our first TP when price breaks the flag? Top of the flag.
Where do you put your stop loss? Again look at 5 min time frame: 3 times price hit the level(around 17430 but couldn't break it, therefore there is a accumulation of buy orders and you can guess that could be a good support for your stop loss order.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.