Reply To: Major & Countertrend Trendlines
Hi Wayne,
Perfect major trendline on AUDJPY. And you could slot in a provisional countertrend line as you suggest. Remember with those its a case of finding prominent points that the wider market is likely to be seeing too. If you’re struggling to find solid connecting points it means there probably isn’t a usable countertrend placement available (and that’s fine, you don’t always see clear countertrend lines like you have already noticed)
On AUDNZD I’ve relocated the major trendline and arrowed the second connecting point. You’d need to wait for a breakout to new highs before using the original connecting point you had if place – remember you want to look for the low points before the most recent high.
Good to see you starting to pull the pieces together by including the MORs too 🙂