Hey guys, I am trying to get a real good feel for trendlines and plotting support resistance.
My problem lies within the fact that I do not know when to draw 'them'
Let me explain a bit.
I am wanting to learn how to trade trendline bounces/breakthroughs on the 15m (because I do not have enough 'risk capital' to do anything longer).
Say I notice a higher high and a higher low, I know I am in a uptrend. So draw a trendline from the wick of the higher low to the next higher low.
Lets say that the price swings down to the trendline again and breaks through and then it goes sideways for.... 20 candles. Is it in my best interest to leave that previous trendline on the chart as it might come back to that sometime down the road? or should I be looking to redraw another trendline?
Should I be looking at higher timeframes as well to get a better feel of what the market is doing? Say 1hr and plot trendlines there as well?
I know it seems kind of trivial what I am asking... and I think the problem is that it feels too easy to work.
Any help would be greatly appreciated!
My problem lies within the fact that I do not know when to draw 'them'
Let me explain a bit.
I am wanting to learn how to trade trendline bounces/breakthroughs on the 15m (because I do not have enough 'risk capital' to do anything longer).
Say I notice a higher high and a higher low, I know I am in a uptrend. So draw a trendline from the wick of the higher low to the next higher low.
Lets say that the price swings down to the trendline again and breaks through and then it goes sideways for.... 20 candles. Is it in my best interest to leave that previous trendline on the chart as it might come back to that sometime down the road? or should I be looking to redraw another trendline?
Should I be looking at higher timeframes as well to get a better feel of what the market is doing? Say 1hr and plot trendlines there as well?
I know it seems kind of trivial what I am asking... and I think the problem is that it feels too easy to work.
Any help would be greatly appreciated!