Exercise #3

[James Dallard]

Here are my relevent trendlines and counter trend lines. Not too sure if if can start up a new trendline if the price action gets steeper, but I have done this. Also I can see counter trend lines off big counter trend lines – are these ok for support/resistance and targets. Maybe that is too complicated ?

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[Rich Fitton]

Hi James,

Yes, it’s always worth dropping in a new trendline when the trend accelerates. Countertrend lines are also always worth dropping into place when you have clear highs/lows to project the line across (like you have in your examples). There’s no need to ‘force’ countertrend lines when there is no obvious place to draw them, they are not always available.

[Martyn Young]

Hi Rich

Ive attached the GBP/USD & EUR/USD daily charts showing what I think are major trend lines and counter trend lines, going back to June this year

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[Rich Fitton]

Hi Martyn, trendlines looking good 🙂

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