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.
After price breaking out of a highly respected downtrend that consisted of Lower Highs and Mutual Support. Price broke out bullish and we are allowing price to consolidate as the exhaustion anticipating price to continue in it's bullish channel. Idea becomes invalid if price breaks below our Minor Support / Minor Swap Level.
Priceline of ICON / Bitcoin cryptocurrency is moving within a down channel and now has hit the support of the channel.
RSI is oversold.
MACD turned strong bullish.
Stochastic has given bull cross.
I have defined sell targets using Fibonacci sequence:
Sell between: 0.0000448 to 0.0000752
Regards,
Atif Akbar (moon333)
NFLXJust an observation on the lifetime channel of NFLX Netflix. It seems to me that any increased selling pressure should easily bring this down to the 200 range by the end of September without breaking much of a sweat. I'm looking for the RSI support break myself. Note the Klinger Oscillator has crosed over bearish, turned below zero and began to spread. Not a...
Hello and welcome to my Trade Idea of the currency pair GBP/AUD.
Let's start with the Top Down Analysis.
Weekly: The weekly timeframe is bearish.
Daily: Daily is bearish too with a little pullback to the upside.
H4: On the H4 timeframe we see a bearish trend and the pullback in more detail.
30m: On the 30m timeframe we draw our channel and look for a...
Good morning, traders. Price hit our target from yesterday. The H1 chart is what I posted to our premium Discord community prior to price popping up this morning. At this time, the H1 RSI and Stoch RSI still have room to continue higher. If price closes above the ascending channel resistance in the next two hours, then we should be looking for it to target the...
this is not a financial advice
looks like link is now in between strong res and sup points
after we tested the support its time to go test the res again
The priceline of RavenCoin cryptocurrency is moving within an up channel and making higher highs and higher lows.
Now the price action has touched the support of channel again after Feb 2019.
Every time when simple moving average 7 crosses down the price action then price action gets strong bullish and makes new high and this time the MA 7 is again touching the...
Looks like TSX:HMMJ is about to breakout of his descending channel but we still need more confirmation + daily close today looks really good (hammer).
Also, something I'm not familiar with enough, could this be an inverse H&S formation ?
Oh well, let's keep following this MARIJUANAAAAAA sector, a lot of promising stock at...
Since Oct 2017 the priceline of Enjin Coin cryptocurrency is moving wihing an up channel and now price action is hitting at support of channel and since 2017 no breakdown of this support ever seen.
The MACD is turning bullish.
Stochastic is in oversold zone.
The sell volume is decreased.
I have taken Fibonacci retracement from resistance of the up channel upto the...
Last week the dollar finally traded in line with fundamentals again, with the Dollar Index gaining four out of five days. There had been a strong bearish sentiment surrounding the dollar for the last couple of weeks, helped by key data points coming out unfavourably and when a currency is fundamentally bullish, but sentiment-wise bearish, the result is choppy...
Good morning, traders. Over night we saw price fall through the ascending wedge support. I mentioned yesterday that traders should remain mindful of the H4 Stoch RSI as it had dropped out of overbought and had a lot of room to continue dropping. I also mentioned throughout the day that volume continued to drop as price rose from the August 14th swing low and this...
Priceline of Moeda Loyalty Points / Bitcoin is moving within a down channel.
RSI is almost oversold.
Stochastic is giving bull cross.
Volume profile is showing trading interest is less here.
I have set the sell targets using Fibonacci sequence and the sell targets as below:
Sell between: 0.00006277 to 0.00006873
Regards,
Atif Akbar (moon333)
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