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Parallel Channel

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Parallel Channel

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.
Rogelio Rogelio USDCHF, W,
USDCHF: USDCHF weekly chart
15 0 3
USDCHF, W
USDCHF weekly chart

USDCHF weekly chart ema cross is up, wave c Resistance 1.13

jconnor jconnor USDCAD, W, Long ,
USDCAD: USDCAD long term long
20 0 1
USDCAD, W Long
USDCAD long term long

While everyone is watching to see whether the 2016 low will act as a support/reversal point, I am also curious for the general direction of this currency pair over the long term. As CAD is so closely tracking USOIL prices, weakness in oil should support weakness in CAD, especially relative to USD, the currency of oil markets. For reference, here is the slightly ...

11021992 11021992 PRO GBPAUD, D, Long ,
GBPAUD: GBPAUD: Potential bullish bat pattern
142 0 31
GBPAUD, D Long
GBPAUD: Potential bullish bat pattern

Potential bullish bat pattern on the daily GBPAUD

FreshOilTrader FreshOilTrader PRO EURUSD, W, Long ,
EURUSD: There are huge opportunities on EUR in a long-term.
190 0 6
EURUSD, W Long
There are huge opportunities on EUR in a long-term.

I personally believe EUR has entered into an main ascending channel with a potential to rise to the middle of a it. If EUR does so, probably declining cycle will comes giving strong pressure on a future EUR growth. If EUR reaches a middle of the channel and fall after that I afraid we could see huge dive till 1.0 and lower inside a big flat channel. ...

Rogelio Rogelio SPX, W, Short ,
SPX: SPX weekly chart
185 1 8
SPX, W Short
SPX weekly chart

SPX weekly chart Wave (iii) very close to 13/2 ratio (ratio final price / initial move) look for bearish ema cross in lower time frame

AAlFadhala AAlFadhala PRO GBPUSD, D, Long ,
GBPUSD: GBPUSD changing its TREND!
30380 6 62
GBPUSD, D Long
GBPUSD changing its TREND!

Hello trades, Hope all is going well with everyone. As shown above, GBPUSD is showing strong signs that its changing its trend and we could see strong bullish movements in the coming days/weeks. Please note that in order for this pair to continue its move upwards, it has to avoid trading in the accumulation area (highlighted in blue). This is not a trade ...

SN_Doumet SN_Doumet EURJPY, 240,
EURJPY: Symmetrical Triangle - Wait for breakout
85 0 13
EURJPY, 240
Symmetrical Triangle - Wait for breakout

Reasoning: 1) Wait for the breakout and take a trade towards that direction 2) If the pair breaks the support of the horizontal channel then look for a TP target on the S4 pivot 3) Notice the 3rd bounce was not as strong as the other 2 and then price consolidated which makes me think that maybe the bulls are taking a break and it's time for the bears to take over

PietroCasoar PietroCasoar PRO IHG, D, Long ,
IHG: High Probability LONG until top trendline, before massive SHORT
11 0 9
IHG, D Long
High Probability LONG until top trendline, before massive SHORT

Based on the current Daily chart/pattern, there is a possibility to enter a LONG until the top of the channel trendline, before a substantial SHORT to the bottom of the triangle's channel trendline. IF the bottom trendline is broken, after consolidation and crossing the Blueberry EMA, we should be able to have confirmation of a significant Impulse wave downwards ...

Bonavest Bonavest PRO NZDUSD, D, Long ,
NZDUSD: Return of the Kiwi?
290 2 7
NZDUSD, D Long
Return of the Kiwi?

This is a very optimistic view of the NZD. This assumes the US Dollar continues its run down. I think the TP1 is much more probable in the coming weeks and at a little over +100 pips I am ok with that.

tntsunrise tntsunrise PRO EURUSD, D,
EURUSD: EURUSD breaks 1.13 Heading towards the long term channel
9322 16 186
EURUSD, D
EURUSD breaks 1.13 Heading towards the long term channel

EURUSD breaks 1.13 Heading towards the long term channel Price is very bullish after break 1.13 Pay attention to 1.1424 level which is FIB 1.13 EXT and also the channel. Wait for market to test this level and the price action should tell us the direction. Breaking this Channel may lead EUR to 1.19 However, if failed to break the channel, a big correction may ...

FUNTRADER-Vera FUNTRADER-Vera PRO USDJPY, 240, Long ,
USDJPY: USDJPY:  is this a long opportunity right now?
996 9 36
USDJPY, 240 Long
USDJPY: is this a long opportunity right now?

Hello guys, I know so many traders want to short GOLD long UJ now. Check this, you could hv several reasons to long UJ. 1. FIBO 0.5 2. Support line( green) 3. 5 wave channel . Does that mean you can enter right now ? Will post answer later. Less is more!

tntsunrise tntsunrise PRO NZDUSD, 240, Short ,
NZDUSD: NZDUSD Break down the uptrend channel
11149 89 176
NZDUSD, 240 Short
NZDUSD Break down the uptrend channel

NZDUSD Break down the uptrend channel Find a pull back to short. Although last ideas was a loss, but that is discipline, and I must thank for this stop loss to cut the loss only at 40 pips, not 120 pips. you can see the huge upside move after the breaking out. Now the NZD has broken the channel with a strong bearish candle closed below. I will find a pull ...

Technician Technician PRO USDCAD, W,
USDCAD: Technicals suggesting stronger fundamentals for the CAD
1746 4 70
USDCAD, W
Technicals suggesting stronger fundamentals for the CAD

Regardless of any short term reaction for the USDCAD following today's bank of canada rate decision. Some serious technical damage has been done to the pair. Suggesting we may have established a new bear trend and may extend over the coming months. 1.30 was a key horizontal structural low and support zone. We have been trading below that support for two weeks ...

IvanMadrazo IvanMadrazo UKOIL, 240, Long ,
UKOIL: Coincidence?
119 1 8
UKOIL, 240 Long
Coincidence?

Another Bullish BAMM Setup. Wait for breakout. 0.786 Could be a very possible target. :)

Dukascopy_Analyst Dukascopy_Analyst USDPLN, 240,
USDPLN: USD/PLN 4H Chart: Channel Down
36 0 4
USDPLN, 240
USD/PLN 4H Chart: Channel Down

USD/PLN 4H Chart: Channel Down The American Dollar is depreciating against the Polish Zloty simultaneously in two descending channels. The junior inner channel formed after the currency pair bounced off from a combined resistance level set up by the senior pattern’s upper trend-line and the 100-hour SMA. In the first half of Monday the rate is expected to ...

Ansari Ansari USDOLLAR, W, Long ,
USDOLLAR: USDOLLAR
26 0 3
USDOLLAR, W Long
USDOLLAR

Detail on the chart

As_Is_Here As_Is_Here USOIL, D, Short ,
USOIL: WTI IS BEARISH BUT WHAT IF FUNDAMENTALS GO TO WORK?
190 4 13
USOIL, D Short
WTI IS BEARISH BUT WHAT IF FUNDAMENTALS GO TO WORK?

Lately we have seen a lot of catalysts as far as WTI Crude Oil but less and unreasonable volatility than expected. We had: 1.O.P.E.C enlargement deal. 2.Libya's and Nigeria's supply growth. 3.Arab nations cut ties with Qatar. 4.US increase Oil production 10 months straight with new cheaper drilling methods. 5.Summer rally seems to have an effect on inventories ...

WeGotCactus WeGotCactus PRO BTCUSD, W, Short ,
BTCUSD: BTC/USD: Short term bearish, med/long term bullish
541 3 13
BTCUSD, W Short
BTC/USD: Short term bearish, med/long term bullish

We're going to 100k, but a bumpy road is ahead!

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