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Speedlines
Posted By: TradersLog
Developed by Edson Gould, Speedlines use trendlines and percentage retracements to measure the rate/speed of a trend’s ascent or descent.
To draw bullish speedlines on a chart a vertical line is drawn from the highest point in the current uptrend down to the horizontal level where the trend began. The vertical line is divided into thirds and two trendlines are drawn from the beginning of the trend through the points market on the vertical line. The trendlines generated by this method sometime cross the price action. The Speedlines mark areas of support and resistance in the same manner as traditional trendlines.
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