July 2015
Intermediate to advanced
352 pages
9h 40m
English
book
A Technical Approach To Trend Analysis: Practical Trade Timing for Enhanced Profits
by Michael C. Thomsett
Content preview from A Technical Approach To Trend Analysis: Practical Trade Timing for Enhanced Profits
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Validation of the Trend
Not every chart makes it possible to draw a valid trendline. You need at least two connecting points, preferably uninterrupted by reaction high or low price moves to call a price move a trendline, and more to the point, to use trendlines to spot a trend. However, some rules of validation should also be kept in mind.
First, the more price bottoms or tops that can be connected in a single line, the stronger the trendline and the greater its significance. When three or more spots are connected in a straight line, that probably represents support (in an uptrend) or resistance (in a downtrend).
Second, the greater the duration the trendline holds, the stronger the underlying trend.
Third, angle counts in the trendline. A steep ...
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