Trendlines in trading
Do you know how to draw a trendline? If not Don’t worry it’s simple with the help of an indicator. You spend hours analyzing charts, drawing lines, and waiting for that perfect breakout — only to watch the price reverse and stop you. Manually drawing trend lines is subjective. What looks like a valid trend line to one trader might look completely different to another.
But what if there was a better way? What if you could take the guesswork out of trading and let technology do the heavy lifting for you?
Yes it is possible
Let’s get into the strategy.
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How to add the indicators
Step 1: Open TradingView
- Go to TradingView and log in to your account.
Step 2: Open a Chart
- Click on Chart at the top of the page to open a new chart.
- Choose the trading pair or instrument you want to analyze (e.g., BTC/USD, EUR/USD, or a stock).
Step 3: Search for the Indicator
- On the chart, look for the Indicators button at the top of the screen. It’s labeled fx and is usually located next to the symbol search bar.
- Click on it to open the Indicators & Strategies window.
Step 4: Find the Trend Lines Breakouts with targets Indicator
- In the search bar of the Indicators & Strategies window, type “Trend Lines Breakouts with targets”.
- Look for the indicator in the search results. It should appear as one of the options.
- Click on the indicator to add it to your chart.
Buy conditions
- The Trend Lines Breakouts with targets indicator draw a trend line.
- Price breaks above the trend line (bullish breakout).
Entry:
- Enter a buy position when the price closes above the trend line after the breakout.
Stop Loss:
- Place the stop loss below the recent swing low.
Take Profit:
- Use a 1:2 risk-reward ratio
- Alternatively, set the take profit at the next key resistance level.
Sell conditions
- The Pivot Trend Lines with Breakouts indicator draws a trend line.
- Price breaks below the trend line (bearish breakout).
Entry:
- Enter a sell position when the price closes below the trend line after the breakout.
Stop Loss:
- Place the stop loss above the recent swing high
Take Profit:
- Use a 1:2 risk-reward ratio
- Alternatively, set the take profit at the next key support level.
Key Rules to Follow
- Trade with the Trend: Only take buy signals in an uptrend and sell signals in a downtrend. Avoid trading against the trend.
- Wait for Confirmation: Don’t act on the breakout until the price closes above or below the trend line.
- Manage Risk: Always use a stop loss and aim for a favorable risk-reward ratio.
- Avoid Overloading: Stick to one or two indicators.
By following these buy and sell conditions, you’ll have a clear, rules-based approach to trading breakouts with confidence. Always remember to backtest the strategy on historical data and practice on a demo account before trading with real money.
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