Opreme Paper traded an entry into GIS with Hari the other day. I have not exited yet. It has not broken trend according to the levels drawn on the left(M15). I also drew in ALGO lines on the right (D1). It looks as though there is ALGO resistance coming from 10/31 and thru 12/1. I am looking for confirmation/correction on what I have drawn up. Specifically the ALGO resistance as I have some doubts on where it should have gone from its origin candle. If correctly drawn, I suppose it would have been a good point to exit near it today. However, since it did not break the trend I have drawn in either I did not consider it a full “rejection” quite yet. Am I on the right track with that line of thinking or just making shit up?
That looks good to me. There are other trendlines that you can draw that would have more touches, but steep trendlines are easily violated and I don’t give them much credence. When I am trading a stock like that on a shorter term swing and the up trendline is steep, I lean on short term horizontal support more (weekly low, key bars, open of long green candles).