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I had a plan Secondly, in the event price never breaks above the previous high this order can also be deleted. Once you have this, you can then feel better about looking for opportunities to exploit the market when price reaches the trendline again.

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Just because there were two distinct highs in the last 50 bars and you drew a line between them doesn't actually mean the line is a valid trendline. What you would have is a potential trendline. To truly validate a trendline, you need to see the price actually react from a line projected from a trendline drawn based off of two prior points.

Once you have this, you can then feel better about looking for opportunities to exploit the market when price reaches the trendline again. Aiming for an entry on point 3 below could work out just fine. Each time you see the price bounce off the same line, the more likely it is that others are watching it too and are playing the same game you are. This could help you get several good entries in a row, but remember trendlines won't last forever.

The trend is your friend! This steadfast rule also applies to trading trendlines. For experienced traders, this basically means we should only look to buy at bullish support lines and sell at bearish resistance lines. For traders not into trading jargon, let the following images below explain this to you.

An upward slanting bullish trendline means the price has been trending up, so we want to look for buying opportun it ies. Buying opportunities occur when the price drops down and comes close to the trendline that has caused upward bounces before.

A downward slanting bearish trendline means the price has been trending down , so we want to look for selling opportun it ies. Selling opportunities occur when the price moves up and comes close to the trendline that has caused downward bounces before.

Trading only in the direction of the trend well let us exploit potential trendline bounces as efficiently as possible.

And while they won't always give us winning trades, the trades that are winners should give us more pips than had we been attempting to place trades against the trend.

There is also the potential to trade a break of a trendline rather than a bounce, but that is a more advanced technique. This is something to be covered in a future article. Coming full circle, trendlines are a very simple tool to use. You are connecting dots on a chart. But hopefully the three tips above will help you take drawing trendlines to the next level. Make sure that the lines you draw are connecting two or more highs or two or more lows, but have not been broken by the price between those points.

Remember to look for at a 3rd bounce to validate a trendline. Also, make sure you are taking advantage of trading with the trend by looking for buys in bullish markets and sells in bearish markets. Overall, I hope this makes you more confident in drawing trendlines.

Identifying entries and exits are one part of trendline tranding; check out our Traits of Successful Traders guide to learn the other psychological and strategic tools traders need in a trendline strategy. DailyFX provides forex news and technical analysis on the trends that influence the global currency markets. Take a free trading course with IG Academy. Our interactive online courses help you develop the skills of trading from the ground up.

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