FOREX DAY TRADING: Trendline Trading Using Price Action

Partner: Udemy
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Description: The Trendline Trading Strategy using Price Action involves using trendlines to identify and trade with the prevailing market trend. Here's a brief description:Trendline Trading Strategy Using Price ActionIdentify the Trend:Determine the market trend (uptrend, downtrend, or sideways).In an uptrend, look for higher highs and higher lows.In a downtrend, look for lower highs and lower lows.Draw Trendlines:For an uptrend, draw a trendline connecting the significant lows.For a downtrend, draw a trendline connecting the significant highs.Extend the trendline to project future price action areas of interest.Wait for Price Action Signals:Look for price action signals near the trendline, such as candlestick patterns (pin bars, engulfing patterns, etc.).Confirm the signal with other factors like support/resistance levels or volume.Entry Points:Enter trades when price touches or slightly breaks the trendline and shows a strong reversal signal.In an uptrend, buy near the trendline after a bullish signal.In a downtrend, sell near the trendline after a bearish signal.Stop Loss and Take Profit:Set a stop loss below the trendline for long trades and above the trendline for short trades.Determine take profit levels based on previous support/resistance levels or a fixed risk-reward ratio.Trendline Breaks:If the price breaks and closes beyond the trendline, consider it a potential trend reversal.Wait for confirmation before taking any trades against the original trend.AdvantagesSimple and effe
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Price: 74.99
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Source: Impact
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