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Strategies & Market Trends : Ask Vendit Off-Topic Questions
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To: Jill who wrote (946)8/3/2001 6:37:29 PM
From: Vendit™  Read Replies (1) of 8752
 
Jill,

I never mind others sharing the charts I draw but please understand that they are only my opinion, I don't bat 1000%.

The difference between a trend line and a horizontal line is this; a tend line shows you short term, medium term and long-term trends. Trends can usually be drawn with an upper and lower trend line, which shows you the "expected" trading range. A move too far outside of the expected trend channel points to trend reversals. This can be helpful in confirming tops and bottoms.

A horizontal line is an entirely different animal. It is drawn across previous daily peaks and under previous valleys. The trick in determining exactly where the line should be drawn is easy. You locate a previous peak line like the NASDAQ 1996 level and then see how many times a dip from above that level finds that level a reversal zone.

A trend line points out trends and not considered supports or resistance as much as they are "targets";

A horizontal line points out support and resistance.

Trend lines and support lines are just as effective in ANY time frame that you choose. This means that if you are day trading a stock or an option you may want to locate these areas using 1-min, 5-min or 15-min intra-day candles.

From today.........

angelfire.com

I hope this helps.
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