We draw the most outer most uptrend line. So without drawing the line, it is very pretty clear that this is the general trend over the past four years has been going higher because we are seeing higher lows from here. Every low, major low that we see, is actually higher, as well as every of the major high was getting higher as well. Okay, I’ll do the recent times. So this is definitely the uptrend line we are looking at. In fact, if you notice something here that this could actually end up being a key resistance because this is where the key channel happens to be.
And I’m going to touch on a little bit more about that later, but let’s finish drawing all the lines before we analyze what is likely to happen based on the current situation. So this is basically the trend, major trend, channel over the past four years. And then usually what I will do is, I will again try to identify what is the next uptrend support and the next steeper one. So the different degree of trendline depending on the different trading timeframe horizon. So this is probably, possibly, the steepest one over here. So this is probably how I will look at drawing the lines.
Interested to receive mentorship opportunities like this with Philip?
Find out more at traderwave.com/tv
- How To Build The Discipline Of Following Your Trading Plan - May 28, 2020
- How To Overcome The Issue Of Cutting Loss Too Late - May 26, 2020
- How To Draw Steeper Trend Lines In A Parabolic Move - May 23, 2020