Are my Trend lines and Triangle pattern good here?

I'm new to forex.... duh, So I'm not sure if I'm doing this correct.

Since Trend lines and patterns is one of the things that the charting tools can't create for you I hope you don't mind me making this thread just to see if I have done it right?

http://img197.imageshack.us/img197/6...8826107640.png

I'm very unsure about the triangle because I'm not sure if I'm allowed to place it inside a downward trending.
Also the triangle is looking a bit ugly.. it's like, 50% symmetrical and 50% descending so I'm guessing it will breakout downwards but if it doesn't it will likely breakout from the downward trend that the triangle is inside?

The thing that makes this triangle really perfect right now is that the last candle inside it is a spinning top so I'm guessing the breakout is going to be the next candle.. right?

Also if I have more questions later about trend lines and patterns should I make a new thread or continue posting them in this thread?

Professor,
welcome to the forum family!!!
Trend lines and triangles are approximate and relative concept.
Personally I like drawing trend lines using bar close and use neighboring swing points.
Question is what time frame and where.
I agree your triangle looks good.
Ask all your questions here...

Thanks for the welcome

Reason I'm not happy with my trend lines is that all books and articles I read about trend lines they draw them so perfectly.

I am so unsatisfied with the ones I have made.

I been looking at the picture a lot and made a second one..

http://img688.imageshack.us/img688/9...9349009747.png
Do you prefer the first or the second resistance trend line I made? First is the thicker one.
Also what do you think about the support line I made?
I also made a third resistance line (showing that sellers are getting stronger all the time and getting closer to resistance line).
Should I delete the third line or keep it?

I also changed the strange looking triangle into a descending triangle.. Which one do you like better?

This is from the hourly time frame GBP/USD.

my question is: what was your reasoning to connect the bottoms of the candles' tails on the bottom of your triangle, but allow the tops of your candles' tails to be outside of the upper line of the triangle? What points were you really connecting? See, if you connect the tops of the tails without letting any of them to be above the line, you still got some room inside the triangle before the breakout happens. I know everyone has their own view on this, but I usually connect the lines so that nothing sticks outside of them, this is how I've been taught anyways, and it's working for me. Not suggesting that you've done it the wrong way, but just stating my opinion.

Good question, I had also been taught from the books to include the shadows inside the trend line, So I went ahead and made a new picture again following that rule.

I really enjoy practicing on this with your comments because I wont feel comfortable to start trading before I have perfected drawing trend lines and patterns.
I think that I'm making nice improvements by every picture I've uploaded to here.

http://img6.imageshack.us/img6/9194/...9572577542.png

What is your comments on this new picture I've made?
Anything you would remove/change/add to it?
I didn't make a second set of ABCD because that trend kind of stopped at the 'D'.
I'm not sure what side it could break out from the triangle since it's in the middle of the downward trend.

I would love to see someone else attempt to make trends/patterns to this currency time frame (GBP/USD hourly chart) to see how others would make it.

With trendlines, remember that a trendline doesn't necessarily have to be constructed from Point to Point (i.e. HIGH point of a candlstick to a LOW point of a Candlestick) I many ways it could be seen as the incorrect usage of a trendline. The basis of the trendline is to show the trend and this is where I think you should focus your efforts on now since you are a beginner of trendlines and later once you've obtain the basic skill of the trendline, then you should look into trendline S/R levels, Channels, triangles, etc.

Example: The most basic, proper way to use a trendline


By the example above notice how the trendlines never touches candlestick or has some arbitrary points from candlesticks. This is the proper, most basic example of trendlines. Not to be traded this or give entry signal, but to show market direction (trend) only.

Now I'm sure you're wondering what I mean when I say Point to Point.
Example: Point to Point trendline setup


Point to point is where you connect a trendline to two or more candlestick points. Technically this is considered an advance method of trendline design and at your current state of learning trendlines, I would advise you to stick to the basic until you've masted the basic usage of trendlines (example 1). When you get into Point to Point trendlines, you're also playing with S/R levels, Channels, Triangles, etc.

Example: Trendline Point to Point Channel and Trendline Triangle

Professor,

I really like your lines this time. Your triangle now looks the way I would've drawn it.


Jhig,

thank you for your charts and explanations.

I would say that you can only connect the two points if higher highs/lower lows have formed. If a swing in an uptrend formed higher low but hasn't formed higher high yet, it's too early to use its higher low as a point, imho. But of course there are many different ways. I would stick to the basic ones for now.

Thanks Jhig, I really liked your trend lines, They look very professional.
I especially liked the last one where you noticed that really big descending triangle.

I wont be happy with just learning basics though.
I think practice makes perfection so I will keep on practicing point to point.

This time I recorded a short video of me finding and drawing trend lines and patterns for the USD/JPY hourly TF.
It's first time I do it for that currency.



And here is a picture of the final stage:
4H:
http://img13.imageshack.us/img13/570...1186996409.png

hourly:
http://img576.imageshack.us/img576/1...1186762573.png