Parallel Channel

A channel can be used as an entry pattern for the continuation of an established trend and can be part of a trend following strategy. A channel forms when price action is controlled by 2 parallel, sloping lines and has tested each of these lines at least twice. An ascending channel indicates a bullish trend, with the support line connecting consecutive higher lows and the resistance line connecting consecutive higher highs.

A descending channel indicates a bearish trend, with the support line connecting consecutive lower lows and the resistance line connecting consecutive lower highs. Generally speaking the support line of an ascending channel is a buy zone and the resistance line of a descending channel is a sell zone while the opposing lines are profit-taking zones. A common stop level is on the other side of the buy or sell zone. Conservative traders may look for additional confirmation before entering a trade. TradingView has a smart drawing tool that allows users to visually identify channels on a chart.
Hoag Hoag PRO CL1!, D, 15 hours ago
CL1!: CrudeOil Elliottwave View: Buy the dip
90 0 11
CL1!, D
CrudeOil Elliottwave View: Buy the dip

Strategy: Buy the dip ------------------------------ CrudeOil is in correction phase and looking for W-X-Y correction on weekly chart where target for Y is above 55. On Short term, we are waiting for good opportunity to go long. After breakout of bullish inner channel, we are on sideline and looking to see support on outer bullish channel.

waynebrueggemann waynebrueggemann EURAUD, D, Short , 13 hours ago
EURAUD: Is this the perfect spot to sell EURAUD?
36 0 6
Is this the perfect spot to sell EURAUD?

Price move in a daily rising Channel. I'll wait for the price to touch the monthly resistance line.

FaisalAlSawadi FaisalAlSawadi PRO EURGBP, 60, Short , 15 hours ago
EURGBP: Price at two resistance levels
35 0 6
EURGBP, 60 Short
Price at two resistance levels

the price is near the horizontal level 0.8670 and near the down trend line (top of the down channel line) good for short with a SL above the resistance level..

cguthrie922 cguthrie922 PRO SBUX, D, Long , a day ago
SBUX: Some Upside For Starbucks (SBUX)
19 0 6
SBUX, D Long
Some Upside For Starbucks (SBUX)

On March 24, 2017 Starbucks (SBUX) crossed over the 50, 100, 200, and 250 day moving average (MA). Also, the 20 day MA crossed below the 200 day and the 50 day crossed below the 100 day MA. Historically the stock has crossed above the same four MAs three times and the stock moved up 3.704%, 4.927% and 9.000% over the next 25 trading days. The 20 day MA crossing ...

cmounsteven cmounsteven EURGBP, 60, Short , 21 hours ago
EURGBP: EUR/GBP descending channel
25 0 5
EURGBP, 60 Short
EUR/GBP descending channel

looking again at this descending channel on the 1hr for the eur/gbp. looks like the pair has already come to a slow for now and there is some indecision. i am waiting and hoping for a bounce to profit off this pair once again. how ever this would have been a pretty long channel for a 1hr frame so a breakout is possible. i would suggest waiting for a solid ...

AlbionTrader AlbionTrader HG1!, D, 8 hours ago
HG1!: COPPER HG1! deciding between Bulls & Bears
23 0 5
HG1!, D
COPPER HG1! deciding between Bulls & Bears

Copper has been trading in a channel lately, and in a couple of trades we profited by the bounce on the descending trendline (magenta in the chart). Indicators look still quite bearish while the triangle pattern might suggest a continuation pattern high as I think it will go this direction but let's wait for confirmation. Be ready for action!

DealerLD DealerLD USDHUF, D, 13 hours ago
4 0 5

Usdhuf test down channel, combined with the pre pressure to predict future trends

LewisGlasgow LewisGlasgow TOP BTCUSD, D, 2 days ago
BTCUSD: BTC/USD - Price Structure
781 2 32
BTC/USD - Price Structure

Following up from my successful prediction over 1 month ago (chart is shown below), BTC/USD has now returned into the ascending channel on the daily timeframe. Since predicting the bullish 5-0 price created an all-time high and totally exceeded my expectations. This post simply highlights ...

Fxtoronto Fxtoronto PRO GBPUSD, 60, Short , 2 days ago
GBPUSD: gbpusd sell setup
194 0 10
GBPUSD, 60 Short
gbpusd sell setup

Hello everyone, here we have a very good sell setup on the pound dollar. We can see that price has broken the ascending channel, and has formed an ABC flat and it appears that it will break down any time now. Also we have MA crossover which is a lagging indicator and can be used as a confirmation of trend. However i must say that be careful with the gbp pairs this ...

LewisGlasgow LewisGlasgow TOP AUDNZD, 60, 5 days ago
AUDNZD: AUD/NZD - Price Structure
656 4 45
AUD/NZD - Price Structure

What's up everyone, here we have AUD/NZD on the 1h chart with a very distinct ascending channel. Price has been trading within this area since February 2017 testing both support and resistance various times, with no sign of a clear breakout. The purpose of this post is to highlight the key price structure within the market... Refer to this chart whether you're ...

LewisGlasgow LewisGlasgow TOP GBPCHF, 240, 4 days ago
GBPCHF: GBP/CHF - Price Structure
226 0 38
GBP/CHF - Price Structure

Interesting setup on the 4h chart for GBP/CHF 0.31% with a descending channel , price has been trading within this area since June 2016 with one successful breakout during October 2016 because of the flash crash. This highlights the future price direction of this currency pair, refer to this chart whether you're going long or short Please feel free to leave ...

Zedro Zedro USDCAD, 60, Short , 3 days ago
USDCAD: USDCAD Short-term Short
122 0 4
USDCAD, 60 Short
USDCAD Short-term Short

A short term short opportunity on USDCAD, to steal a few pips. After a sharp drop, price action ranged within a couple of bearish ascending channels. The risk reward is favorable, though not ideal: Entry- 1.33835 TP- 1.33215 SL- 1.34135 I expect a break below this channel, then a retest before landing on a support line of the most recent low. My personal opinion ...

kevin1533 kevin1533 PRO SPY, 60, 3 days ago
SPY: Downward channel, overhead resistance
58 1 5
SPY, 60
Downward channel, overhead resistance

Needs to hold UTL suport or could get ugly

LewisGlasgow LewisGlasgow TOP DXY, 240, 6 days ago
DXY: DXY - Head and Shoulders
450 4 44
DXY, 240
DXY - Head and Shoulders

Following up from my previous post when the U.S Dollar returned back into a very important ascending channel (chart is shown below). Price has now bounced off the trendline and returned back to its original support level. As shown price has now formed a valid head and shoulders pattern and the ...

AEB.NL AEB.NL DXY, D, Short , a month ago
DXY: DXY- Down?
62 0 11
DXY, D Short
DXY- Down?

DXY moved lower today. It is possible that it will continue down towards 98.60 ~ 98.20 (support area). It also corresponds with the channel supportline and the 1.272 fib extension. It's just an idea..

goodguy goodguy PRO DXY, D, 11 days ago
DXY: US dollar drops out of up channel.
63 0 8
US dollar drops out of up channel.

A couple of week ago I set a target for the USD which was hit and suggested downward action likely to follow (see link below). So far looks good. Next support is at 98.76. If taken out it is very likely the longer term uptrend line will be broken as well with the potential for major down action. If so would likely have a positive effect on oil and the precious ...

Remko Remko ZW1!, W, Long , a month ago
ZW1!: CBoT wheat weekly
57 0 3
ZW1!, W Long
CBoT wheat weekly

The weekly continuation chart shows that the price has been moving in a long term descending trending price channel that started in July of 2012 at around the 900/930 level and gradually channeled price down to 466 in September 2014 after which price made, although reluctantly, a new low at around the 485 level during August 2016. From late December 2016 onwards ...

Andy_Garcia_CMT_CFTe Andy_Garcia_CMT_CFTe PRO EURUSD, 240, Long , a month ago
EURUSD: EURUSD Fib Channel Violation
581 0 25
EURUSD, 240 Long
EURUSD Fib Channel Violation

After a retracement to a significant fib level the Euro rejected the 61.8% area and subsequently violated the down channel. This sets up for an ideal entry on the higher timeframes if the fib level holds. The plan for me is to wait for a flag to form now that the down channel has been broken. The bullish flag will be the actual trigger I use to enter the trade. ...

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