A channel can be used as an entry pattern for the continuation of an established trend, as 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 lies 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.
Failed break out of a descending channel. Favoring the downtrend to continue.
There is a head and shoulders forming that I intend to short. Will wait for price to confirm before entering.
Profit target is a Fib cluster just below. Stops above the right shoulder after entry.
Please give this trade idea a THUMBS UP and I will keep you updated!
Disclaimer: This ...
H4 - Price has reached the top of the channel, we have bearish divergence and false break.
Until the price is below the top of the channel, we may look for sells with bearish evidences.
Invalidation: If the price breaks and holds above the top of the channel, then this setup will be invalidated (false breaks can be neglected).
SPY will decline to channel support level. With corresponding RSI bullish divergence, and heavy support around similar area. Looking long when price action confirms reversal.
https://www.tradingview.com/x/xWna3yC6/
SPY will decline to channel support level . With corresponding RSI bullish divergence , and heavy support around similar area. Looking long when price action confirms reversal.
https://www.tradingview.com/x/LbVlNimU/
Litecoin has created one of the most beautiful charts in the altcoin area. Looking at the big picture, the coin is trading within a bullish channel, creating higher lows and higher highs on the weekly chart. However, the micro picture gives us a different feeling. The coin broke the horizontal support around 0.01000, which represented a significant support in ...
Price has formed a head & shoulder pattern on the daily, and on the 4H TF we are currently trading in a descending channel and price has rejected off of resistance...on the daily the neckline has been broken and a nice retest has printed with the neckline & the descending trend line protecting our stop loss then we have some great potential to the downside with a ...
Is BTCUSD finally at the bottom of a channel?
Is it time for a big boom to 20,000? Probably not..
But, based on recent history, it looks promising that we may see an upward move..
If you saw our last post that I linked, we mention how we are using our big three strategy to trade BTC.
Same rules still apply as right now bears are temporarily in charge.
If BTC ...
The price could not stay below the channel and we can enter a new position on crude oil According to the previous analysis and also it's good to see the bullish alternate ab=cd pattern and the nice pin bar candle.
Hi guys, this is my new analysis on crude oil I think this week crude oil value will go high because of the price touched its bullish trend line of the parallel channel and nice price cluster too and made a bullish 121 pattern
also, it's good to see the RSI divergence.
We already have fibonacci support at longterm projection :
https://www.tradingview.com/chart/GBPUSD/BLFtavfw-GBPUSD-long-term-projection/
For intraday setup,
We can buy GBPUSD right now, and aim for channel down resistance as temporary target.
If this resistance break up, we can set new target at classic support and resistance.
Check our video analysis to ...
USDJPY still in bullish wave at channel up,
rightnow this pair already hit support channel we can buy this pair now.
as u can see 110.85 also as fibonacci 618. So this support is strong enough to hold bearish movement.
We can use ABCD fibonacci pattern to find our target at fibonacci 1.618 at 114.62
Good luck
Open long : 110.85
target profit : 114.62 (377 ...
Yes, I know we're still falling. Yes, this 6900 zone might not hold, and I'm publishing this too soon. Yes, it would be better to confirm the bottom and reversal. Don't care. Despite the fussing and whining of some annoying and overly-anal trolls, my charts are not scripture, they're just pretty pictures scribbled by a cranky old cuss. And this one was too pretty ...
