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Tramline Trading: A practical guide to swing trading with tramlines, Elliott Waves and Fibonacci levels by John Burford

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Chapter 1: My Charting Methods

In this chapter I will review some of the basic concepts in charting and explain how I use them with my favourite chart patterns to uncover great trade setups. The chapter has four sections:

  1. Support and resistance
  2. Trendlines
  3. My favourite chart patterns
  4. Momentum

1.1 Support and resistance

Support and resistance levels can help you identify good entry and exit points. If a market is declining into a solid support zone, the odds are good for a bounce of some sort; or if a market is rallying into overhead resistance, odds for a turn are high. And noting where the support/resistance levels are located can give you added confidence in a trade that you have identified by other methods.

Because support ...

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