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.
Fundamentals aside - it looks as if the crypto space (BTC at least) is forming a strong support zone and getting ready to start the next BULL run!
My prediction is that we will see the bottom of the parallel channel if the bulls take down the suit&ties of wall street.
If we crawl back in the tube, it could be a wild ride up on the third wave.
Please,...
BTC is continuing the movement to the top of the channel. Expect a bounce + fib pullback around the top levels, probably a good place to set a stop sell. Volume still too low to have a breakout of channel.
#EURAUD
Price reacting to a zone and rejecting the zone looking for a break and retest. We have a trend line obstruction that we’ll need to break through. This downward move comes from a rejection of a channel on the daily. The first move I see is the continuation downward until we get to the weekly zone which will be difficult to break through.
My entry...
Since USDJPY recovered from a sharp fall, it was on the rise within a rising channel as seen in D1 chart.
The price has made 2 waves of bullish trend in order to form a rising channel and the price is seen making retracement from the top of the channel.
In the H1 chart, the rising trendline which has supported the price to the top of the rising channel was broken...
#GBPJPY
On the weekly, price formed a strong channel and it’s being respected on all lower time frames. Price has pushed downward after reacting to a rejection of a daily zone which also line up to the recent down trend. Drawing a trend line downward from the recent Higher lows we could see a push upside for a retest of the trend line again. Which is another...
USDJPY
On the 4H, trading within a channel and recently broke the channel, now it’s retesting the channel ceiling.
Looking to trade this of the channel with momentum to the upside. Price may return back into the channel but if it respects the weekly S/R level near 110.456 we should see a buy to the next zone near 111.424
However if price fails to respect the...
BUY & SELL Above Given Chart or
You Can Also set Own Risk reward.
Let see what Will be Next Move.
Warning- I m Not a Financial Advisor this idea Only For Educational Purpose Only.
Thank You !!
BUY & SELL Above Given Chart or
You Can Also set Own Risk reward.
Let see what Will be Next Move.
Warning- I m Not a Financial Advisor this idea Only For Educational Purpose Only.
Thank You !!
hey guys,
happy weekend!
this Saturday I want to share with you my trading plan on pound yen pair.
the market has recently approached 141 level.
Looking left we see that this level is very significant for the market participants.
Now the market is coiling in a bullish flag pattern.
Touching this level again we see a...
I laugh, I cry. Bitcoin is taking a pause at the base of a large descending channel. Oversold conditions and a drop below the bands may indicate we're in for a short-term bounce towards resistance at 3485. Looking for confirmation above the falling wedge to enter a swing.
As we can see from historic movement, USD/CHF has broken out of a descending channel, formed a bull flag, and has recently broken out of the bull flag.
I expect to continue this upward trend until we reach the upper resistance of the large triangle pattern.
We are also trading above the 200 EMA, and we have room for growth in RSI
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