check it out...if u find useful.lemme knw..if u want to add or edit something..punce some keys in the comment section
Comment:
in case u cant see the notes on chart
NOTE1)
A) As price moves above the red line(intial small channel)..first resistance is formed at reversal(which later turns into support is formed)..when resistance or later turned support is formed..then lower red line(lower part of channel) is broken ..to set the tone of change in price and time relationship(as new relationship is starting ..every new tick is precious and important) + new support is fromed(which may become resistance if the stock price go below that line )...
B)(its an bull run)If u can look carefully . u see support is formed first and later on resistance is formed.and if u r not sure..consider vice-versa..resistance is formed first and later on support..either u gonna mint money
NOTE 2
A) the price broke the lower channel(lower red line) to set new price time relationship +create new support/resistance, after coming back from the support ..the lower red line of the channel ,should have acted as the resistance but it didn't..which means that price wannts to form new resistance (which later turned into support)..
B)the extent to which the price will move above red channel could be found out from. taking the upper red line(inclined line having some angels) of the channels. and placing it on the top of the price upper broke of the channel..that is take an line having same angle as the upper red lline of the channel and thenplace it at the top of first broke.
NOTE 3
A)would it had broken the lower red line of the channel it would surely hitted..the upper red line or may be the green line too..but since it didn't ..it took the support back...
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
NOTE1)
A) As price moves above the red line(intial small channel)..first resistance is formed at reversal(which later turns into support is formed)..when resistance or later turned support is formed..then lower red line(lower part of channel) is broken ..to set the tone of change in price and time relationship(as new relationship is starting ..every new tick is precious and important) + new support is fromed(which may become resistance if the stock price go below that line )...
B)(its an bull run)If u can look carefully . u see support is formed first and later on resistance is formed.and if u r not sure..consider vice-versa..resistance is formed first and later on support..either u gonna mint money
NOTE 2
A) the price broke the lower channel(lower red line) to set new price time relationship +create new support/resistance, after coming back from the support ..the lower red line of the channel ,should have acted as the resistance but it didn't..which means that price wannts to form new resistance (which later turned into support)..
B)the extent to which the price will move above red channel could be found out from. taking the upper red line(inclined line having some angels) of the channels. and placing it on the top of the price upper broke of the channel..that is take an line having same angle as the upper red lline of the channel and thenplace it at the top of first broke.
NOTE 3
A)would it had broken the lower red line of the channel it would surely hitted..the upper red line or may be the green line too..but since it didn't ..it took the support back...