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.
You're welcome for that clever title. Genius I know.
Anyway, bitcoin has been tracking my last few counts pretty well so those are still my primary for now. I'll link to them in the comments below. I've been tracking it for over a month building a case / count (I'll link them in order so you can see the process).
This is an alt count that I came up with the ...
Our LTC chart is quite similar to the signals we saw on our BTC price analysis in that we have the price moving down an ascending channel that has respected the .236 fib level very nicely.
We can see that only 1 candle over the past 6 days was able to go below that level and it was immediately bought back up.
Additionally we see the Stochastic is in bullish ...
It appears to me that on the 14th of June, the lower high hit the upper limit of a EUR/USD downtrend channel. At the moment we are right in the middle of it and so any move either up or down is possible. What we can spot however by looking at this channel is that in less than 10 days our highest possible lower high will be below 1.1650. Any fearless traders could ...
My previous long-term idea was based on a fact that triangle could be broken down. Looks like there is good dynamics on it. However, we could see that a pullback has lost a dynamics so I do think that my previous idea is under a huge risk now. So I have tried to make an alternative forecast and see what could happens if USDCAD doesn't fall more.
Attention. It ...
Dear Friends!
D4rkEnergY is finally back. I have been so busy introducing all our new VIP Members to our forum, that I didn't have time to keep you updated. Sorry. But we don't have any time to waste. We are right now at a really crucial moment for Bitcoin!
Let's jump in right away and take a look at the 1D BTCUSD Chart! Bitcoin has shown a lot of bullish signs ...
The daily closed in remarkable fashion. I am seeing some Bullish signals emerge mid term but also some Bearish signals short term.
Take a look above at our RSI, we don't typically see a channel like that unless it is a continuation pattern down. I don't have to time to show past moves of this structure but if you examine the RSI on multiple time frames you will ...
Hi guys, I share with you my technical setup for EURJPY for the next days.
The chart speaks by itself.
If you find it useful please hit the like/follow button and leave a comment :)
Happy trading!
Hi guys, I share with you my technical setup for USDJPY for the next days.
The chart speaks by itself.
If you find it useful please hit the like/follow button and leave a comment :)
Happy trading!
as we see, UJ is playing in a channel and reached the trend line and 61.8% fib.
we can give a try by shorting this pair now or from the mentioned level.
SL above the previous high
Hey Friends :)
Bitcoin is down in 7,500 USD while I'm writing this (-8 % last 24 h). Altcoins are also bleeding and are in average -15 % down. The Global Crypto Market Cap is 330 BL USD. Obviously horrible 24 hours for crypto.
People ask me what to do in a situation like this. Bitcoin is in red our alts too? Do we sell everything or what?
First of all: What we ...
CDT has been moving upward through a rising wedge. These patterns can be continuation or reversal patterns.
Taking into consideration the bear cross on the stochastic RSI and the fact that the price is sitting in a wide bearish kumo with future price volatility not decreasing by very much.
The Kijun and Tenkan San are both acting as support but have begun to ...
OmiseGO (OMG)
After break out symmetrical triangle fail to reach $28 target of this pattern after that creat to us Rectangle channel and move on it the good this we have it from $8.XX and gained good profit at last wave.
So what now is Omg ready for a new green wave is ready to create new ATH this year?
This can happen if market back Bullish again
but from ...
