Using trend lines when you trade penny stocks is one of the best things that you can do, and it's a shame that more stock traders aren't using them.
I think most people are intimidated with the idea of using them.
They really don't know how they work, and they don't trust themselves to put the trend lines in the right spot.
The truth is its pretty simple to use trend lines.
It's just a simple case of connecting the dots.
You are using two points to make a straight line.
You can look at a chart and see if the price has been moving up or down.
An uptrend can be done by putting a point on the bottom bar at the very bottom of the uptrend and connect it to the bottom bar of the very top of the uptrend.
The downtrend works the same way but you are taking the two points between the top of the bar at the top of the downtrend towards the top of the bar at the very bottom of the downtrend.
Then after you've figured that out, then the trendline is used for both support and resistance can be used to figure out your entry and exit position for each individual penny stock that you may trade.
It may take some time to get used to it, if you are brand new to trend lines, but once you practice it enough times, it does become second nature.
Don't let the intimidation get to you.