Consequently when a trend line of long duration, which has been successfully tested many times, has been violated then an important reversal of trend has likely occurred.
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First we will normally see a period of inactivity or consolidation.
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The market struggled to make it above R3 and retraced to S4 Once R3 is taken I move my stop to S4 and lock in profits.
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Over time we can recognize that this movement of price to and from the trend line forms a channel, which once identified can be traded.
The last major part of the theory is the trend should be assumed to still be in force until there is a definite indication that the direction has in fact changed.
That is the price at which traders are prepared to buy from you.