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The Blue line is Line 1 and Pink line is Line 2,line 2 is parallel by line 1 ,right?
So you draw a blue line as soon as you have two points to connect, for example, in a bull trend once you have two pullbacks, you can draw a blue line to connect those 2 higher lows. Since you have a line now (blue) you just duplicate (copy) the line and paste it (now pink line) and move it to the higher high point this allows to draw a parallel channel line without having a second higher high yet, and sometimes it can predict where the bull channel tops out for another pullback.
But in this Slide, Al use 2 ways to draw line 1,I am very confused
Line 1 is the first blue line, the other blue line is just connecting the same first higher low to a broader channel, so it's really like 2 different trend lines, one smaller scale and the other bigger scale.
I have never seen a useful definition of a trend line (in terms of market forces at work that produce it), or a rules-based method for drawing or re-drawing one in real time Trend lines have always been considered an "art".
The danger with arbitrary trend lines, or any non-rules based methods, is that they may be used unconsciously to confirm an erroneous trading bias and keep you from seeing contrary developments - just the opposite of their purpose.
So, it may be misleading for a trader to draw trend lines, especially in hindsight, if he can't explain to himself when and how the trend line first became visible, how it evolved with price changes, and when it became useful (how did it contribute to decisions to get into a trade or stay with it or give it up).
This post was modified 4 years ago 2 times by Mark Dobbins
@myvsopverizon-net drawing trend lines is an art I agree... I personally do not like when someone explains to me how to use or draw trend lines on a chart that has happened already. in my personal view, trend lines do work better in higher time frames. I am a scalper and using trend lines is more harmful than using martingale LOL.....
