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Here’s a simple system that my friend Jose Leon has compiled on pdf. It’s relatively simple and make uses of Price Action, Support and Resistance.

Download it here. (Right-click and ‘Save As’ to your computer. Note, you’ll need Acrobat Reader to read it)

A clip of the pdf.

As you can see first I joined the low points with a trend line, then I drew another trend line n the highest point to form a channel, and finally I drew 2 new lines: from the last high point in the top of the channel to the nearest high point downwards and from the last low point in the button of the channel to the nearest low point upwards. And now you have a triangle and a channel in your chart. Finally I added the support-resistances to get a good indication about the price with these trend lines.

Now you can see that the price or candle could break one of the lines of this triangle. Actually the green candle is trying to break the top of the triangle, it could break or it could reverse, right?. And you can also see that this green candle is passing the resistance (red points)

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