Practical Exercise 3

[Simon Dyde]

Hi all,

Please find attached my exercise 3, any comments gratefully accepted.

Regards,

Simon

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[Rich Fitton]

Hi Simon,

Looking good 🙂 I just amended the latest uptrend line slightly and marked the connecting points.

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[Steve Hall]

Hi,

Here are my attempts at the trend lines and counter trend lines on EURUSD and GBPUSD – would appreciate your feedback.

I am wondering about how to handle changes in the main trend – for example on EURUSD, mid Oct 2014 it had the start of a downtrend, from mid December the price dropped more steeply than before. Is what I have marked on the chart correct according to the method you use to mark trend lines – is there a method you use to handle this kind of situation?

Many Thanks

Steve

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[Steve Hall]

Hi – Would appreciate some feedback on the above trend lines. Thanks! Steve

[Rich Fitton]

Hi Steve, my apologies – your original post slipped past me!

Your trendlines are perfect 🙂 On EURUSD you did exactly the right thing in incorporating that acceleration to the downtrend with your second line. The downtrend is officially still in place while the original line is intact but by joining together the prominent high low swings as the market makes its progress you can’t fail but map out a logical big-picture framework you can use to good effect.

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