Topics include: How to draw vertical trend lines, why price action is more important than trend lines or chart patterns – why technical analysis is similar to a popularity contest… Charts reviewed: FCEL, GWBU, AGRT, GYSTD, SYNC, BRFH
Below is a text version of the submitted questions for tonight’s class:
1.) Would you mind discussing how to draw up trending trend lines and down trending trend lines? I’ve watched the videos regarding trend lines and I’ve gotten pretty good at drawing support and resistance lines, but I haven’t been able to get a grasp on the vertical trend lines. I have been using the bottom of a stock starting an uptrend and then once it has the first pull back I use that bottom to connect the lines. Is this the correct way to draw them? Once it breaks this line is it considered on watch for breaking the uptrend and vise verse for downtrend lines?
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