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Here’s Why Trendlines Are Your New Best Friend, Part 2
September 15, 2014 11:45 amVideo
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One of the best aspects of technical analysis is also its biggest drawback: Namely, there are far too many indicators to choose from.
Candlesticks to channels, Relative Strength Index to Bollinger Bands, double tops to moving averages…
Geez! With so many options, you’re liable to feel like a “hanging man” beneath “dark cloud cover.”
But in reality, all you need is one good, solid place to start; one indicator that can be your technical rock of Gibraltar.
For Elliott Wave International’s chief commodity analyst Jeffrey Kennedy, that honor goes to one of the oldest names in the book: trendlines. Back in 2004, Jeffrey went on the record with this tribute:
Last week, we showed you how Jeffery used an easily-drawn trendline to anticipate a bullish breakout point in cocoa back in early May.
Today, we’re following up with another real-world example, only this time, you’ll see how Jeffrey used trendlines to identify lasting levels of price resistance in the most popular grain market, corn.
In his April 2014 Monthly Commodity Junctures Wave Watch video, Jeffrey showed subscribers how a four-month old trendline ensured that corn’s upside was limited:
The next chart shows you how corn prices did indeed bump up against their long-time trendline, reversed, and sold off in a powerful decline to their lowest level not just for 2014 — but their lowest level in four years.
Jeffrey finds trendlines so valuable that he wrote a book about them!
Well, an eBook: a (free) 17-pager titled “Trading the Line: 5 Ways You Can Use Trendlines to Improve Your Trading.”
Here’s another excerpt:
As the title of Jeffrey’s eBook states, there are 5 ways trendlines improve your trading:
Want to learn how to draw your own trendlines — and gain an advantage you’ve never had before?
Right now, our friends over at Elliott Wave International have the entire 17-page eBook on their shelf of FREE trader resources. It’s yours for the reading, right now — at absolutely no cost.
Follow this link for your free instant download of Jeffrey Kennedy’s 17-page eBook Trading the Line: 5 Ways You can Use Trendlines to Improve Your Trading.