As confirmation with your system I think they can be a powerful tool... for example:
Instead of assuming it will follow the last bunch of 'bounces' and bounce again, stick to your candlesticks. It will be when it actually penetrates the trendline or resistance and closes on the other side that might change your thinking, or add weight to your existing analysis.
Again, just my .02pips worth!![](https://resources.faireconomy.media/images/emojis/64/1f609.png?v=15.1)
Take care,
Derek
Instead of assuming it will follow the last bunch of 'bounces' and bounce again, stick to your candlesticks. It will be when it actually penetrates the trendline or resistance and closes on the other side that might change your thinking, or add weight to your existing analysis.
Again, just my .02pips worth!
![](https://resources.faireconomy.media/images/emojis/64/1f609.png?v=15.1)
Take care,
Derek
DislikedWe seem to have a backside theme going tonight don't we
Yup, I was counting on that trendline - typical that the first time I trade off it, it decides not to bounce. I had in mind the last time it headed towards this line that it bounced & I'd gone short.
Actually I didn't use trendlines at all in backtesting which is why I was a little annoyed at myself for trying to be too clever. I know they form a basis for many people's trading & trendlines do have merit - it's just they shouldn't form part of my system in live testing.
Have a great weekend too my friend & keep those comments coming.
Kind Regards
SteveIgnored