Updated: Jul 29, 2019
Hello Fellow Traders,
We all know about trendlines yet traders don't use it to the full potential which this tool can provide ,
In this article we will be talking about #forex Trendline above price which defines current range of price action , for our convenience we call them Price Range trendline: Price range #forex trendline can be drawn above or below price and must be pointing UP when price going up and pointing down when price is going down . But before starting we want you to understand Closing price of candle and its importance in #forex #trading while trading with trendlines or Moving averages or with any indicator ,
Near Range Trendline price is mostly overstretched and looking for minor pullback/retracement , knowing price range where there is high probability we can use Limit orders to scalp pips out of pair each time price reaches our Range trendline and till 4hr candle doesn't close above Trendline ,
Success rate of Trading with Range Trendline is high because it doesnot act as resistance but probable price zone where bullish/bearish pressure has reached its peak and need some cool down ,
Check our trade idea based on same principal in shorter time frame which worked out perfectly well and let us know what do you think.
For more info and knowledge about using trendlines .... we are here to help community trade better .. message us.
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click on link to view chart : https://www.tradingview.com/i/vKbo1j0g/