Am currently learning fx with babypips school. Is there any good method about plotting lines ? In the school, they are saying you should not draw lines following the market, which I am trying to do.
But what I am drawing currently is going absolutely nowhere, it’s a total mess. Are there any simple (super simple would be better 
) method about drawing valuable lines with Metatrader ?
Thx,
Laura
See below, 2nd grade, support & resistance lines, trend lines, channels?
Support and Resistance | 2nd Grade: Support and Resistance | Learn Forex Trading
Yep, but here I am
If drawn correctly, they can be as accurate as any other method. Unfortunately, most traders don’t draw them correctly or they try to make the line fit the market instead of the other way around.
Babypips is excellent (I mean it) but I think here Trend Lines | 2nd Grade: Support and Resistance | Learn Forex Tradingone more web page would be a good thing for a drawing idiot like myself. And especially because it is written here that doing it wrong can be seriously misleading.
For example, you draw an uptrend with the bottom of a support area. But, to draw a line, you need two points or a point and an angle. What am I missing ?
Thx,
Laura
Have a look through the webpage below it make explain a little more.
Technical Analysis: The Use Of Trend
You need to ask yourself what makes a downtrend, what
makes an uptrend?
Thx, that’s helpful. It’s not really an answer to my question (a line = two points) but in a way it includes the answer : drawing trends is no easy task.
I guess I’ll have to do what you say, i.e. understand what I am seeing.
Hi lcontempi,
How about after reading, you practise on the real charts and if you have any problems, you can post your charts here. Then we can discuss it.
I have amended your lines, see the thumbnail, what you
need is at least 2 touching points, more if possible.
The bottom trend line touches the last 2 swing lows.
Where the top trend line touches the last 2 swing highs.
Then watch if price respects these levels, the bottom one
more than the top one.
I like to use 15 min. time frame charts and draw s/r lines and channel lines, then I move up to 1hr or 3hr(oanda doesn’t have 4hr frame) to verify the lines then move up to 1 day time frame. Keep studying the charts, it’s a lot like playing connect the dots. Eventually the s/r and trend lines just pop out at you. Just make sure your s/r lines have historical significance, other wise you might be drawing lines for fibonacci retracement entry and exit points and you will just get frustrated.
Thank you A LOT!!! I just missed in the tutorial this use the last two swings, now it’s much much clearer.
Now, back to work, I’m going to practice that.
Just one more thing. You draw your lines using the top and the bottom of the shadows. Shouldn’t I use the top and bottom of the bodies ? In my mind, they show what the market has really in mind, while the shadows are some overreactions.
I’ll try also to work with 15min graph then check with bigger timeframe.
I always place mine on the wicks, but try both methods & see.
It ain’t rocket science, they are just illustratory, price may go
just below/above, blast straight through them etc.
I’ll try also to work with 15min graph then check with bigger timeframe.
Wrong way round, you put the trendlines on the larger timeframe,
then check for relevence on your smaller timeframe.
After that you can always put trendlines on the smaller timeframe
as well.
