10-30 For those interested in buying support, especially know considering how short term extended things are these days. Its all about the blue line. It also helps define ones entry risk here. If buying here you are buying 20 points away from a support zone (thanks anyway I say). Given this issue is tagging a trend channel resistance zone? That is all the more reason to let them come to you in the form of a pullback. After all to a chartist the adage of buy support and sell resistance is a classic mantra isn't it? Even more so when you have an issue that just tagged the trend channel resistance zone. Sure its pulling back but still needs more chart time. This chart is also a good example of how the trend channel keeps you away from going long at the wrong time and AFTER a run has been made already.
The use of trend channels are your best friend. Not only do they help you manage the overall trend they keep you from getting emotional at key levels. At resistance? They keep you away from that dreaded fear of missing it AFTER you already missed it emotional trade. At support they keep you away from caving into fear and selling at a support zone.
For informational and educational purposes only. These are not recommendations. Trade at your own risk.
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