The power of trendlines

FX:EURAUD   Fx Euro/Dolar Australia
124 0 2
Just wanted to post a quick example to traders who are interested in trend lines and using them in trading. Here is an example whereby I'm looking to trade this pair, its been on a bit of bull run due to a weak AUD and EUR rallying in recent weeks, however my perspective has changed in that I believe the EUR is going to weaken and this pair is due a significant retracement, So in order to draw my trend lines I begin on the top as there are only two points, easy! I then clone the line and then drag it to where I think price has respected on the lower highs and lower lows (if that makes sense). This requires a bit of adjusting to find as many touching points with the lows or highs of the candles, however if you can master this art you can for-see a predictive price analogy

The channel drawn on the top has atlas two touches with the candles, ideally my rule is there should be three but two in this case as price has not made any new higher highs.

The channel on the lower side has multiple touches with the lows of the various candles giving confirmation that this could be a good trend line . Additionally, I try to look for prior pivot touches shown by the green arrow which gives me more confidence of the trend line .
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