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The correct way to draw a trend line- part one
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[QUOTE="4xtradingcoach, post: 39007, member: 18431"] [b]The correct way to draw trend lines - part three[/b] GBP/USD chart 9 [IMG]http://i47.tinypic.com/sbsrrm.jpg[/IMG] In the chart above, I have made the proper adjustment and again, notice how it shows up in the top right area of chart. This again would be a technical resistance level that would help me determine whether or not I should exercise caution at these levels. Notice the low I used to draw the up trend line at the arrow pointing up. This is the last price swing before the last spike high. It is the proper place to draw this trend line. If I was lazy about making adjustments to the trend line and left it in the position I had it before on the chart above, then I might not have had the opportunity to see the potential resistance when price reached the bottom of the up trend line (where price is currently) These rules apply regardless of the time frame used. end [/QUOTE]
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