Thanks for clarifying Mick. Regarding Anno's chart. I would have drawn a line starting from the bottom of the (black) high volume candle way left on the chart and use it as a support for the retracements you see lateron (50% line?). this is easy to say when all the 'future' candles have already been drawn of course (i also keep adjusting my lines with higher highs or lower lows, unless a MA is messing around in the same area).
Maybe Anno drew this line to use as resistance? Although i would have drawn a downwards R trendline myself touching those highs and use it as a breakout signal in case it decided to go up. My target is usually the closest price action area (R or S line) i can find. But this is because i trade small TF mostly at the moment, but i consider this more a handicap. I can imagine using an hourly chart PA line/area as target for longer TF trades.
I believe the bottom line is, no one draws TL exactly the same and yet they can still all work for the users. I'm still a fresh nublet to trading naked, so i could be completely off course here. (in Dutch we say 'nog nat achter de oren' - 'still wet behind the ears' as thats where babies were dried last right after birth :-D )
I find these conversations and different opinions in the diaries most interesting though. For me it's easier to remember a good conversation then just a pointer :-)And i'll gladly add my 2 cents if nobody minds. I just hope the pro's step in to correct me when i'm not on track.
fair trades to you!