Hi MO, can I ask 2 silly questions, please?
A breakout is a fast move & a breakout of a breakout is a "new high".
Yes, you can draw your line higher, I just wanted to show two different ways because sometimes people just need to know that it is ok to mark the chart as they see it.
You do not need reference points but they can be part of your artistic style.
All that you need to see is price breaking out or moving quickly away from 'something', let us call it a cone, and returning to 'something'.
Technical analysis is just what you see, it is patterns that are picked up by the eyes, it is art class.
Once you have a pattern then you use ideas to trade it: "if price is below something then it is not going up"
Simple ideas are unchanging truths that guide you throughout the day, week, and month.
There are only cones and pennants & from these you can make up-channels & down-channels.
15 degrees is so shallow that it can be used as a horizontal line.
1) if price breaks above and stays above then trade long
2) if price breaks above and fails to stay above then trade short.