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Parallelchannels

A Closer LookThe Intriguing Factors That Have Sustained My Interest in This Promising Buying Opportunity When it comes to GBPUSD, my sights are set firmly on one direction: buying opportunities. The stage is set for a potentially lucrative trade, and I'm eagerly awaiting the perfect entry point. On the 4-hourly chart, a retest of the trendline (right) holds the key to triggering a buying opportunity. As long as the price remains above the lowest trendline, a breakout could present an ideal entry. Alternatively, a break and close above the high at 1.2483 (also on the 4-hourly chart) could be the signal to jump in. Delving deeper, the 1-hourly chart (left) offers additional scenarios for a potential buying opportunity. A retest of support at 1.2421 or a more significant level at 1.2395 could both serve as triggers for an entry. But why this unwavering persistence? Let's turn our attention to the weekly chart, where a break and close above resistance becomes a compelling catalyst for my bullish stance. Although we remain within the sell zone, I'm already scouting for buying opportunities, anticipating a potential shift in momentum. Now, what if I'm wrong? It's a calculated risk. I understand that hitting stops is a possibility, but I mitigate that risk by ensuring most of my trades have a profit factor of 2. This means I can maintain profitability with a 40% accuracy rate. So, as the GBPUSD landscape unfolds, I remain resolute in my pursuit of buying opportunities, armed with strategic insights and a calculated approach to capitalize on potential gains.
Long
by RaynLim
Price Channels — Quick and Easy Guide.Greetings, @TradingView community! When it comes to analyzing market trends, there's a technique that takes trend theory to the next level: price channels. This is @Vestinda, bringing you a helpful article on the topic of the price channels, also known as trend channels, offer an exciting way to identify optimal buying and selling opportunities in the market. Price channels serve as a valuable tool in technical analysis, helping traders determine favorable entry and exit points. By drawing parallel lines that align with the angle of an uptrend or downtrend, we create a channel. The upper trend line acts as resistance, while the lower trend line represents support. These lines highlight potential areas where the market could experience reversals or continue its current trend. Understanding the sentiment of a price channel is crucial. Channels with a positive slope (upward) are considered bullish, indicating an upward trend, while those with a negative slope (downward) are bearish, pointing to a downward trend. Recognizing the slope of a price channel allows traders to gauge the prevailing market conditions and make informed trading decisions. Price channels can be categorized into three main types: Ascending channels Descending channels Horizontal channels Ascending channels display higher highs and higher lows, signaling a bullish sentiment. To create an ascending channel, draw a parallel line touching the most recent peak, aligning it with the angle of the uptrend line. Conversely, descending channels exhibit lower highs and lower lows, suggesting a bearish sentiment. To create a descending channel, draw a parallel line touching the most recent valley, aligning it with the angle of the downtrend line Horizontal channels , also known as ranging channels, indicate a consolidation phase with no clear trend direction. These channels provide insights into potential buying zones when prices hit the lower trend line and selling zones when prices approach the upper trend line. Understanding these channel types empowers traders to adapt their strategies to different market scenarios. Constructing a price channel requires parallelism between the trend lines. The lower trend line is typically considered a "buy zone," while the upper trend line serves as a "sell zone." It's crucial not to force price action into the drawn channels. When the channel boundaries slope at different angles, the pattern is no longer a price channel but a triangle pattern, requiring a distinct analytical approach. Remember that price channels don't have to be flawlessly parallel. In reality, it's rare to find price action that perfectly aligns within two trend lines. As traders, it's important not to solely rely on textbook price patterns but also consider broader market context and other essential cues from price action. Effective price channel analysis involves embracing imperfections and making informed decisions based on the available information. In conclusion, price channels provide traders with a powerful technique to uncover profitable opportunities in the market. By drawing parallel trend lines and identifying support and resistance levels, traders can gain valuable insights into market sentiment and enhance their trading decisions. However, it's essential to remember that perfection isn't the goal. Instead, focus on understanding market dynamics and adapting your strategy accordingly. 💜 So there you have it - a quick and easy guide to understanding price channels in trading! 💜
Editors' picks
INDEX:BTCUSDEducation
by Vestinda
19
Head Shoulders Inverse and Parallel Uptrend with TargetsThis is an update to a previous post. RLC / BTC saw a strong reaction, bouncing hard off the neckline of the inverted head and shoulders on its 2nd re-test attempt. The 1st attempt nearly failed but also reacted strongly. Now we're forming a parallel uptrend as it works its way to the TP 1 of the HSi. Reaching TP 1 would confirm a breakout of that as well and provide even higher targets. RLC is an AI-based crypto. If Bitcoin manages to hold up, AI-based crypto projects may be the next big thing after NFTs and DeFi. Why a new chart? The previous chart was not a logarithmic view, this one is. Either could be used, but I'm lately tending to prefer log charts. Both of my previous charts for BTC and USD pair are linked below under related ideas.
RLong
by dudebruhwhoa
6
BITCOIN again in parallel channel range and more correction ❌🧨Hello 🐋 we can see more correction to the downside at least close to great daily support level ($26000) ❌🧨❌🧨❌ in other word if the price doesn't break the resistance zone to the upside and just complete the retest, we will see more correction, at least to our lower trend line ❌🧨 otherwise we can see more gain to upper resistance level ✔️🚀 for any other huge pump, we need more correction 📖📖📖📖📖 if breakout of the lower support zone be completed, we can see more correction to the downside ❌🧨 brief amount of green candlesticks to the upside before any other movement is logical 📖💡 👌 Notice: pay attention to the price on shortcut chart (located above the main chart with black colour) 📖💡 Please, feel free to share your point of view, write it in the comments below, thanks 🐋
Short
by MadWhale
11
USDJPY, Five Count Diagonal, 1hrGood afternoon, I hope everybody had a wonderful week and trading week. This week my bias has changed up a bit on the direction of where the market is going. Currently, I am leaning toward the market being in a diagonal consolidation in five wave count. Once the diagonal five wave count is complete, UJ will continue to be a dominantly bullish market. Focusing on current events, I am currently looking for a retracement back into the price zone of 132.900 area. Once or if price takes this drop, I am looking for price to shoot back up to complete wave 4 and hit price point 134.541. If you have any questions, comments, concern, or agree with my analysis, Please like, share, or comment.
Long
by NoPumpFakesFx
SOYBEAN FUTURES Weekly Technical AnalysisZS1! Weekly - No RECOMMENDATION or ADVICE Status / EDUCATIONAL only - Support, Resistance, Trend Lines, Cluster, Confluence, Parallel Channels, Pitchfork, Fibonacci Extension - Hope it Helps, Good Luck DISCLAIMER - This communication is not trading or investment advice, recommendation or solicitation to buy, sell or hold any investment product is provided for informational, educational and research purposes only. All illustrations, forecasts or hypothetical data are for illustrative purposes only. The author or persons involved in the conception, production and distribution of this material cannot be held responsible for transactions or any financial loss or damages resulting directly or indirectly from the use or application of any concepts or information contained in or derived from this material. Past performance is not indicative of future results. Any person who chooses to use this information as a basis for their trading assumes all the liability and risk for themselves.
CBOT:ZS1!
by BahamasX
S&P 500 Daily Technical AnalysisES Daily - No RECOMMENDATION or ADVICE Status / EDUCATIONAL only - Support, Resistance, Trend Lines , Parallel Channel, Cluster, Confluence, Pitchfork, Modified Schiff Pitchfork - Hope it Helps, Good Luck DISCLAIMER - This communication is not trading or investment advice, recommendation or solicitation to buy, sell or hold any investment product is provided for informational, educational and research purposes only. All illustrations, forecasts or hypothetical data are for illustrative purposes only. The author or persons involved in the conception, production and distribution of this material cannot be held responsible for transactions or any financial loss or damages resulting directly or indirectly from the use or application of any concepts or information contained in or derived from this material. Past performance is not indicative of future results. Any person who chooses to use this information as a basis for their trading assumes all the liability and risk for themselves.
CME_MINI:ES1!
by BahamasX
Parallel channel update! retestI try to use as many indicators as I can to experiment and learn from thier comecomes. Iv been using the parallel channel tool recently and I enjoy how simple but handy it is. To me, recently we broke down from a upward trending channel (green) and it looked to me as if I slight downtrending channel was beginning to form (orange) Yesterday we momentary broke back out of the orange channel, perfectly retested the bottom of the green channel and got heavy resistance before re-entering the orange channel (retest and mini fakeout) See the link post for past related posts and keep an eye out for updates :)
COINBASE:BTCUSD
by Connix
1
Curve may see Double-Bottom vs BitcoinCurve has primarily been within a parallel downtrend on its logarithmic chart (3 day chart shown here). It broke above that channel and moved nearly a channels width above it, before breaking back down into the same trend. Often when we see a strong channel breakout that eventually falls back into the channel, crypto charts have a tendency to test a breakout on the opposite end. I've drawn channels of equal length above and below to illustrate this. I'm expecting there is a decent chance this occurs again here, where we break down below the channel and move nearly a channels width below. This would put us in the same range as Curve's ATL vs. Bitcoin, and could stop there or move closer towards the full length of the channel, to have a slightly lower 2nd bottom on its double-bottom. This is just an idea based on trends I've noticed in crypto. I didn't look for much confluence - but MACD is trending down and volume is still unusually low. Should this actually happen, expect a strong move back up from the 2nd low or ATL. Short until then, long when it reaches the green box or near lower channel bottom.
Short
by dudebruhwhoa
1
BTC short term (1h candle)We recently broke down from our small ascending triangle (blue lines) and hit the target shortoy after perfectly! (White dotted lines and yellow horizontal) We then quickly bounced upward to retest the bottom of the triangle, which looked like rejection! Currently looking at other possible plays. Mainly a upward parallel channel (green lines). As you can see we are reacting nicely to the centre line nicely using it as both support and resistance. Will keep you updated
COINBASE:BTCUSD
by Connix