Posted by Tom C.
I don't always use trendlines, but when I see something I consider obvious I will. To me, the trendline I drew on BK was obvious; looking at the bigger picture price gapped up and after a short rally pulled back to the RZ and bounced off that level. There were some possible, more aggressive, entries prior to the one I actually took - but I opted to enter on a break of the strong green bar's high that formed above the trendline.
I watched the ORH level for a reversal, but price acted "textbook bullish" by breaking that level, pulling back to test it as support (resistance becomes support), and rallying off of it. I closed my position at $31 (there is the whole number again).
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