Reply To: Major & Countertrend Trendlines

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Wayne Jones

Hi Again!

I have attached two efforts.  The first being on the AUDJPY.  I could only find the trend line for this one.  I have also entered the MOR.  As you can see this was in an up trend, I could not really find two high points.  In retrospect maybe the last high point and the next pull-back may have been a suitable place but maybe not as the pull-back isn’t really a high point at that stage.

The other chart is from the AUDNZD.  I have taken two months worth of MOR as I think it’s good to start practicing that now.  I have also found the trend line which was a big up move.  I have also attempted to plot two counter trend lines.  Any feedback from Rich or any of the new group would be much appreciated.

For counter trend lines am I right in thinking we have to wait days if not weeks before one may develop?





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