Experienced traders know well that confirming a reversal is not an exact science. The first move which could be traded is at 4. In order to gain a better understanding of how to draw trend lines, we must first recognize the composition of the typical candlestick bar. As with most price action and technical analysis methods, higher time frame trading charts seem to respond better. An uptrend line indicates a market in an uptrend.
One reason I prefer the daily time frame for drawing trend lines, besides the fact that I do most of my trading from this time frame, is that it represents an extended period of time. This brings me to a very important rule regarding trend lines. The longer a trend line is respected, the more important it becomes.
What Are Trend Lines?
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Trend lines are probably the most common form of technical analysis in forex trading. They are probably one of the most underutilized ones as well. If drawn correctly, they can be as accurate as any other method. In this post, I will show you how to draw trend lines the right way in 2 simple steps. Knowing how to draw trend lines is one important skill you need to learn as a forex trader because trendlines are important for identifying support and resistance levels. In order to gain a better understanding of how to draw trend lines, we must first recognize the composition of the typical candlestick bar. Every Japanese candlestick consists of five elements – body, top of the body, bottom of the body, upper candlewick, and lower candlewick.