especially know considering how short term
extended things are these days. Its all about the blue line.
It also helps define ones entry risk here. If buying here
you are buying 20 points away from a
(thanks anyway I say). Given this issue is tagging a
trend channel resistance zone? That is all the more
reason to let them come to you in the form of a pullback.
After all to a chartist the adage of buy support and sell
resistance is a classic mantra isn't it? Even more so
when you have an issue that just tagged the trend
channel . Sure its pulling back but still
needs more chart time. This chart is also a good
example of how the trend channel keeps you away
from going long at the wrong time and AFTER a run
has been made already.
The use of trend channels are your best friend.
Not only do they help you manage the overall
trend they keep you from getting emotional at
key levels. At resistance? They keep you away
from that dreaded fear of missing it AFTER you
already missed it emotional trade. At support
they keep you away from caving into fear and
selling at a .
For informational and educational purposes only.
These are not recommendations. Trade at your own risk.
As you can see when you hit the load new bars feature this issue recently sold off right to?
Support of course as shown.
Knowing where simple support and resistance are go a long way toward managing positions.
Always do what I do before you take a trade. Ask yourself where is resistance and where is
support to help in managing risk.
Resistance gets you out if you are long or looking to short it gets you in.
Support gets you in if you are long and gets you out if you are short.
No need to make it any harder than that folks. Keep It Simple Stupid as they say.
What's not to like.