Exercise 3. Trendlines?

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  • June 6, 2015 at 9:47 pm #1018
    DAVID KING
    Participant

    Hi all, here are my charts for exercise 3, with trendlines in red and countertrendlines in black.

    In the 3rd example, USD/SGD, to obey the law that the trendline cannot cut through a candlestick, it has been adjusted to touch the next lowest low, which has a similar value and is the adjacent candlestick. Would this be regarded as a valid trendline or should it have been left as it was (the dotted line?)

    Cheers,

    Dave

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    June 7, 2015 at 8:56 am #1024
    Rich FittonRich Fitton
    Keymaster

    Hi David, all look good. USDSGD looks fine, you’ve adjusted your line to meet the lowest lows before the recent breakout to new highs so all done perfectly.

    June 9, 2015 at 7:27 am #1075
    DAVID KING
    Participant

    Thanks Rich and sorry folks, I didn’t include the dotted line in the screenshot. However I think I have got the hang of it now. All the charts show good examples of the pulse, pullback pattern.

     

    June 9, 2015 at 2:22 pm #1084
    Rich FittonRich Fitton
    Keymaster

    Good stuff. Thanks David.

    June 13, 2015 at 9:39 am #1144
    Nigel Southon
    Participant

    Hi Rich,

    Attached are the daily charts for EURJPY, USDCAD, and GBPJPY.

    To be honest, this is a topic I am struggling with at the moment. However, I need learn, so give it a go.

    GBPJPY, is an interesting one. Hence the reason why I chose this. The high and low was created on the same day (8/5/15), and I drawn the trend line from the low of the trend to the low of the 8th May candle. I may have drawn this incorrect, but I feel it will be a good learning point for future situations like this.

    Many thanks

    Nigel

     

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    June 13, 2015 at 9:19 pm #1159
    Rich FittonRich Fitton
    Keymaster

    Hi Nigel,

    All major trendlines look fine (I just added a couple of additional ones on USDCAD as the downtrend accelerated). Don’t worry about forcing countertrend lines to fit on the chart. The most widely observed ones are where the connecting points are obvious to the wider general market i.e. more traders will be following them and placing orders based on that line placement.

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    June 14, 2015 at 8:32 am #1170
    Nigel Southon
    Participant

    Thanks Rich for your feedback,

    If all of the other members are ok with this, is it possible to cover trend lines during the next webinar?

    Many thanks

    Nigel

    June 15, 2015 at 8:50 am #1183
    Rich FittonRich Fitton
    Keymaster

    Hi Nigel,

    Sure, we can do more on trendlines in the next webinar by all means.

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