Martin Pring on Price Patterns The Definitive Guide to Price Pattern Analysis and Interpretation : [PDF Download]

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“A trendline derives its authority from the number of times it has been touched or approached; i.e., the larger the number, the greater the trendline’s significance. This is because a trendline represents a dynamic area of support or resistance.

Each successive test of the line contributes to the importance of this support or resistance role, and thus the authority of the line is a true reflection of the underlying trend. Just remember that a move close to the line (an approach) is almost as important as an actual touching because it reflects the line’s importance as a support or resistance area.

Also, if a line gains significance from the fact that it has been touched or approached on numerous occasions, the extended line will become equally as important, but from a reverse point of view. This is because extended lines reverse their support/resistance role.

For example, if a good up trendline has been violated, the price is now below it. Any rally will therefore find resistance at this line, which had, of course, previously been support.”

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