Markets move three ways: up, down and sideways. The ability to identify the mood of the market is critical to your success as a forex trader. It is reasonably easy to identify the market behaviour by simply eyeballing a forex chart. The real trick in forex trading is patience.
Most traders are capable of identifying an uptrend, downtrend or a rangebound condition but are they capable of waiting for the price to hit the correct entry level? Do they have the self-discipline to wait for hours/days/weeks for price action to test a critical support or resistance level? Can they afford to spend their days watching prices moving around in a seemingly random pattern?
Trendlines (support and resistance levels) provide a way to project where price action may be in the future based on the trend or pattern in the market. Using automated trendline trading tools provides a trader with the ability to have invisible pending orders in the market without having to commit them to a broker's server. An automated trendline trading system constantly monitors price in relation to the trader's personally defined entry and exit levels thereby removing the requirement to constantly monitor the market.