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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.
eazywayout eazywayout XAUUSD, 240, Short ,
XAUUSD: XAUUSD (GOLD) 4H
111 0 4
XAUUSD, 240 Short
XAUUSD (GOLD) 4H

Price breaking though monthly support. Waiting for breakout of channel & retest for more downside continued. Retest & candle close under 1295 expected as well. Watch for candlestick pattern as well for extra confirmation. Head & shoulders pattern coming into play as posted a couple of days ago.. Trade with care!

YaseenG.Housari YaseenG.Housari USDCHF, D, Short ,
USDCHF: USD/CHF Daily falling channel
69 0 3
USDCHF, D Short
USD/CHF Daily falling channel

USD/CHF is testing a resistance level .9750 area of interest, which lines up with not only a falling channel resistance, also with 0.5 fibonacci retracement, RSI in meantime almost in overbought area.. Shorting around the resistance area would give you a sweet reward-to-risk ratio especially if you aim for the previous lows near .9450. But if you think that the ...

Dukascopy Dukascopy PRO USDMXN, 60,
USDMXN: USD/MXN sends mixed signals
17 0 3
USDMXN, 60
USD/MXN sends mixed signals

USD/MXN is trading in two channels simultaneously. The senior pattern is a rather chaotic channel that has confined the rate since late July. Meanwhile, the junior formation resulted from a consolidation period effective since September 6 when the US Dollar began trading between the monthly PP and S1 in the 17.84/17.62 area. Two possible scenarios might occur. ...

TieuLongFX TieuLongFX PRO KO, M, Long ,
KO: Good to buy
28 0 2
KO, M Long
Good to buy

Elliott Wave, Price Channel, Supply and Demand, Support & Resistance

VladimirRibakov VladimirRibakov PRO AUDCAD, 240, Short ,
AUDCAD: AUDCAD Sell Idea
44 0 5
AUDCAD, 240 Short
AUDCAD Sell Idea

W1 - Price moving inside a channel. D1 - Triple cycle completed and we may expect the price to reach 50 Fibo retracement and a reversal to happen from there. H4 Scenario 1 - We may expect a small correction and after that the price to reach the magnet zone and a reversal to happen from there. H4 Scenario 2 - We may expect a reversal to happen from the zone ...

YaseenG.Housari YaseenG.Housari USDJPY, D, Short ,
USDJPY: USD/JPY Daily falling channel
274 0 14
USDJPY, D Short
USD/JPY Daily falling channel

This setup is too good to miss people!! falling channel still intact on daily time frame, with 112.00 a strong resistance level, also ma boii RSI almost in overbought territory. The price could dive to 108. levels again in a long run, if you're willing to take the trade, your stop should be a little bit wide to avoid the high volatility. i'm gonna upload another ...

Dukascopy Dukascopy PRO CADCHF, 60,
CADCHF: CAD/CHF trades in wedge
27 0 4
CADCHF, 60
CAD/CHF trades in wedge

The Canadian Dollar is trading in two patterns simultaneously against the Swiss Franc. The senior formation is a channel up whose bounds have confined the pair since August 9. The junior one, however, is a falling wedge which was formed when the last wave down narrowed its trading range. The rate is currently stranded between the monthly R1 and the weekly S1 ...

YaseenG.Housari YaseenG.Housari EURUSD, 60,
EURUSD: EUR/USD support-turned-resistance in making !
196 0 9
EURUSD, 60
EUR/USD support-turned-resistance in making !

Are we looking at a support-turned-resistance situation over here? the pair reach 1.1870 after breaking below a rising channel now the price around 1.200 major level. if you're one of the buyers you should wait till the price get back to the channel and test the below line again as a support. if you're looking to short 1.2000 is a good level if the price break ...

eazywayout eazywayout USDJPY, 240, Short ,
USDJPY: USDJPY 4H
128 0 6
USDJPY, 240 Short
USDJPY 4H

Price reached 61.8 level / supply zone. Rejected & is now pushing to the downside. 2/1 risk reward giving this one a shot.. Trade with care!

TerryHarmonicTrading TerryHarmonicTrading GBPUSD, 240, Short ,
GBPUSD: GBPUSD hits top of daily channel, waiting for bearish setup
224 0 3
GBPUSD, 240 Short
GBPUSD hits top of daily channel, waiting for bearish setup

This is an update to my GBPUSD analysis I talked about last week. GBPUSD has hit top of daily channel with excessive volume(See daily chart). This likely suggests that buyers could have cashed out since price has not moved up for the past 2 days. I see this formation as being weak and I will be looking for short opportunities above 1.3570. What I will look out ...

Dukascopy Dukascopy PRO NZDUSD, 60,
NZDUSD: NZD/USD trades at channel boundary
83 0 6
NZDUSD, 60
NZD/USD trades at channel boundary

The steady sideways momentum that was driven the pair on Thursday, changed swiftly mid-session when the New Zealand Dollar breached the monthly PP at 0.7277 and plunged against the US Dollar. This downfall was restricted by the 200-hour SMA which consequently pushed the rate slightly higher. This, however, was only a short-term correction that was followed by ...

Dukascopy Dukascopy PRO AUDUSD, 60,
AUDUSD: AUD/USD responds positively to Australian labour data
68 0 7
AUDUSD, 60
AUD/USD responds positively to Australian labour data

Despite the relatively uneventful trading since Tuesday, the Aussie plunged down to the 0.7970 mark mid-Thursday. This strong bearish momentum proved to be no opponent to the 200-hour SMA, as it was dashed through without any hindrance. Meanwhile, better-than-expected Australian labour data early on Thursday resulted in a surge of 32 pips which was later halted ...

Dukascopy Dukascopy PRO USDCAD, 60,
USDCAD: USD/CAD squeezed between 55– and 200-hour SMAs
78 0 7
USDCAD, 60
USD/CAD squeezed between 55– and 200-hour SMAs

An intersection of the 55– and 100-hour SMAs at 1.2140 proved to be a strong support for the US Dollar, as it failed to push below the given mark. The rate subsequently edged higher, but was reversed at the weekly PP back to both SMAs. As a result, the bounds of the 55– and 200-hour SMAs are starting to squeeze the Greenback in a narrow range. The rate has ...

Dukascopy Dukascopy PRO GBPUSD, 60,
GBPUSD: GBP/USD advances by another 150 points
181 1 7
GBPUSD, 60
GBP/USD advances by another 150 points

Morning outlook - GBP/USD advances by another 150 points As it was expected, the Pound continued to appreciate against the US Dollar, following a speech delivered by the External BOE MPC Member Gertjan Vlieghe on Friday. At the moment, the currency rate is moving horizontally in a limbo between the monthly R3 at 1.3701 from the top and the monthly R2 at 1.3485 ...

eazywayout eazywayout AUDNZD, 240, Short ,
AUDNZD: AUDNZD 4H
84 0 5
AUDNZD, 240 Short
AUDNZD 4H

Watching for retest after price broke out of its uptrend channel & hit the top of its strong daily trend line. Double top to resistance as well & I am expecting More downside to come.. Trade with care! :)

Dukascopy Dukascopy PRO EURJPY, 60,
EURJPY: EUR/JPY recovers losses
85 0 6
EURJPY, 60
EUR/JPY recovers losses

After reaching the 132.00 mark early on Wednesday, bears prevailed and send the pair for a decline down to the 131.20. As apparent on the chart, the 55-hour SMA managed to hinder the pair both from the down– and up-side. This level could be breached as traders may take advantage of the mitigated political tensions that is usually an advantage to the Yen. Thus, ...

BethZu BethZu NZDUSD, 60, Short ,
NZDUSD: Price has been rejected by the up side of a descending channel..
141 2 19
NZDUSD, 60 Short
Price has been rejected by the up side of a descending channel..

So, may be this is a good moment for short... what do u think?...

TrendsWithBenefits TrendsWithBenefits PRO USDCAD, D, Long ,
USDCAD: USDCAD Buy Channel Low
182 0 15
USDCAD, D Long
USDCAD Buy Channel Low

Beautiful channel on the USDCAD. Great risk/reward ratio. (Due to current events, the dollar has been weakened, and the last move up was interrupted around 1.33870. If you believe that the dollar is going to keep moving south, you might not want to take this trade.)

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