Trend Lines, Fibonacci Tool & Support & Resistance

Hi guys, i Have a little doubt about drawing my trend lines, fibonacci retracement & support & resistances. I know that all of these topics are really subjective, but i want to know if i’m on the right way or wrong way. The downtrend line is the purple one, & the uptrend line is the orange one, Every comment helps guys.

Thanks. The chart is in M15


The down trend line should be drawn on the opposite side of what you have it. It should trace along the lower highs. Trying to draw a perfect trend line in a FOREX market is like trying to set a plumb bob on a fishing boat in the middle of a hurricane. I abandoned trend lines a long time ago for that reason.

Remember: [B]Uptrend[/B]= a series of higher highs and higher lows
[B]Downtrend[/B]= a series of lower highs and lower lows
…until there isn’t. It’s just that simple.

I notice you have a moving average line as indicated by that thin purple line running through the candles. You can get an idea of the direction of the market with this line also. If you notice, in an up trend, the candles hover above the moving average line. In a down trend the candles stay below the moving average line.

There are so many “takes” on trend lines it’s scary. But if you remember these two basic principles, you will have at least a general idea of market direction. And after all, that’s why we look at the charts in the first place, right?

hey man, i really apreciate that, i’ll keep it mind. You have saved me a big problem. (: Thx. Also after posting this i noticed about the downtrend line had to go the opposite side i just draw it. Thx (: