Hi hopper.  Most important thing that you need for trading is...

Hi hopper.
  Most important thing that you need for trading is money MANAGEMENT!!! You can get away with simple things as trendlines and trade with good results but you need to be good with money management, never risk too much of your capital don't chase stupid profit expectations. 
For reasons fasttrade outlined I only trade QAN short, if i expect it to drop. Simple trendline trade connect the 1999 top with oct 2007 top gave me overhead resistance in august at about 6.94, I went short 6.90 bit of luck but sometimes you are at the right place at the right time. 2 days later I was happy little vegemite . Take profits along the way, as the saying goes bulls get fat, bears get fat but pigs get slaughtered! I went short again when it retraced 50% 3 days later got out at 5.48 and enjoyed profits. I went short again on 21/1 as it was making a double top just above 50% retracement. Also look at how many times there is a top or bottom on or around 21 day in the month. Since the all time high on 21/8 only september did not produce a change in trend around 21. There was a valid daily trendline connecting 3 lows in october and december and on 30/1 it gapped opening below the trendline, I was out with a smile. It went lower since, I am waiting for a retracement to go short again. IMO there is more downside to this.