{"id":60089,"date":"2014-09-17T19:32:01","date_gmt":"2014-09-17T23:32:01","guid":{"rendered":"http:\/\/countingpips.com\/?p=60089"},"modified":"2014-09-17T19:32:01","modified_gmt":"2014-09-17T23:32:01","slug":"heres-why-trendlines-are-your-new-best-friend-part-2","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/09\/heres-why-trendlines-are-your-new-best-friend-part-2\/","title":{"rendered":"Here’s Why Trendlines Are Your New Best Friend, Part 2"},"content":{"rendered":"
September 17, 2014<\/div>
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See how trendlines help you manage risk in this real-world example from this free eBook <\/span><\/h3>\n

By Elliott Wave International<\/span><\/h3>\n

One of the best aspects of technical analysis is also its biggest drawback: Namely, there are far too many indicators to choose from.<\/p>\n

Candlesticks to channels, Relative Strength Index to Bollinger Bands, double tops to moving averages…<\/p>\n

Geez! With so many options, you’re liable to feel like a “hanging man” beneath “dark cloud cover.”<\/p>\n

But in reality, all you need is one good, solid place to start; one indicator that can be your technical rock of Gibraltar.<\/p>\n

For Elliott Wave International’s chief commodity analyst Jeffrey Kennedy, that honor goes to one of the oldest names in the book: trendlines<\/strong>. Back in 2004, Jeffrey went on the record with this tribute:<\/p>\n

I believe that trendlines are one of the simplest, yet most powerful tools<\/strong> an analyst can employ. An early mentor of mine said it best when he pointed out that “a kid with a ruler could make a million dollars” by simply drawing trendlines on price charts.<\/p><\/blockquote>\n

Last week, we showed you how Jeffery used an easily-drawn trendline to anticipate a bullish breakout point in cocoa back in early May.<\/a><\/p>

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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.<\/p>\n

In his April 2014<\/strong> Monthly Commodity Junctures<\/em> Wave Watch video, Jeffrey showed subscribers how a four-month old trendline ensured that corn’s upside was limited:<\/p>\n