I see a down trend at H4 that could break the up trend. What you see as horizontal resistance line I see it as a respect to the down trend at H4. Price met the trend line and left the short term up trend
Cheers,
Reza
Cheers,
Reza
DislikedJust sitting around waiting for Best Buy to open (need another hard drive), going through FF. I looked at your blog and yes it makes sense to me. However I place far less importance on diagonal trend lines than some.
My reasoning in not trusting trend lines is simple. Those charts we all love so much are in effect nothing more than a clock designed to show the progression of orders being filled in time increments of our choosing (ie 1hr,4hr,5min).
Horizontal support and resistance on the other hand has the effect of showing where price is defended...Ignored