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.
the price is in a tricky place.
we still have an upward trend that has made the pullback to the lower edge of the channel
globally, we have tensions in the Gulf, a global crisis that is seen as a reduction in interest rates as evidence. and we have a trade war between the USA and CHINA whose negotiations are ok today and tomorrow but they are not.
and we have a...
Higher timeframe analysis presented here for an overall market perspective. Before considering a buy, suggestion is to drill down to lower time frame and use analysis and confluences to enter at correct point with tight stop loss for greater reward to risk ratio.
Technical view
USD/CAD is currently in descending channel, on Daily time frame, we can see a breakout from that trend line at 1.30191. The first resistance area is from 1.3314 to 1.3344. I will wait for price action confirmation from sellers to move lower. Otherwise, if that resistance area would be broken I will be watching how the price will react to the next...
The bear rally could take a pause with this descending channel reaching its support trendline.
It might present a false downward breakout but if it refuses to and actually breaks out completely, than this pair will seriously plunge, and I will follow it.
If the channel is valid, I will be initiating a long position to the red resistance, and the channels...
BTC #BTCUSD (Update)
Failed to Break the Resistance (100 MA & KUMO Cloud.)
Now Looking Bearish 4hr Timeframe .
If BTC Remains Inside the Channel then It Can Follows the 2 Scenarios.
- Test the 10k Support & Bounce Back to 11k.
- Test the Strong Support 8.8k - 9.2k & Bounce Back to 12k.
Don't Forget to Hit Like .
(See my old idea with the other alternative channel option as well)
As much as I'd like to see Digibyte bounce here and slowly climb along the edge of the top parallel channel, I'm just not seeing the volume that warrants a lift. What I have learned is that what we want to see is less likely to happen than what we actually end up seeing happen.
BTC is still...
Log chart of DGB/USD mapped in a parallel channel with time based fibonacci markers. You can see that DGB is at a pivotal point. Shifts in momentum and direction happen shortly AFTER the fibonacci markers. Thus indicating another 3 or so months of consolidation and accumulation before ushering in a change of direction in December 2019/January 2020. Based on a...
Good morning, traders. Price finally began pushing up a bit later into the evening, yesterday. I'm still looking for the $11100-$11200 target. But traders should make sure they're watching the yellow box. That's $11050-$11250 which is the ascending light grey dotted channel resistance to the descending red dashed 2.5 month resistance. Based on the height of the...
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