We all share a similar path in Trading. Even though you may not be a consistently profitable trader now, you can choose to enjoy the path. This alone can make the difference in your success.

NQoos ;-)

TradingNaked

Master  your  Setup. Master  your Self

the interpretation and application of price action concepts
 Thank you for your donation...NQoos 8-)

CHANNELS 

Parallel Channel Technique

Channels can be constructed from Trendlines by connecting two pivot highs or two pivot lows. 

Four variations of trendlines are used to construct two variations of parallel channels;

  • 1- connecting 2 rising or ascending pivot highs = Rising or Ascending Tops Trendline to produce Rising or Ascending Parallel Channel
  • 2- connecting 2 falling or descending pivot highs = Falling or Descending Tops Trendline to produce Falling or Descending Parallel Channel
  • 3- connecting 2 rising or ascending pivot lows = Rising or Ascending Bottoms Trendline to produce Rising or Ascending Parallel Channel
  • 4- connecting 2 falling or descending pivot lows = Falling or Descending Bottoms Trendline to produce Falling or Descending Parallel Channel

The trendlines define the top and bottom of a channel which define support and resistance. 

 click chart to enlarge
 

1/31/03 5 min. chart by Brach. Price climbed all day. Then reversed with power.  CATCH A FALLING KNIFE ? not really. What stopped it? Just another calculated predictable fib support area for Brach  along with 4 more reasons. Additionally, 848 was also the Floor Trader Pivot for the day, bottom candle was a Dragonfly Doji, and the 3 bottom candles comprise a MSL, market structure low...all reversal candlestick patterns.
 

 

 

expect miracles, they are everywhere.............. God is good all the time

Algeria Andorra Angola Anguilla Argentina Armenia Aruba Austria Australia Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Bermuda Bolivia Bosnia.and.Herzegovina Botswana Brazil Brunei.Darussalam Bulgaria Burkina.Faso Cambodia Canada Cayman.Islands Chile China Colombia Costa.Rica Cocos.(Keeling).Islands Cote.D'Ivoire.(Ivory.Coast) Czech.Republic Croatia.(Hrvatska) Cyprus Democratic.Republic.of.the.Congo Denmark Dominican.Republic Ecuador El.Salvador Estonia Egypt Equatorial.Guinea Faroe.Islanda Fiji Finland France French.Polynesia Gabon Gambia Germany Ghana Gibralta Greece Grenada Guadeloupe Guatelma Guyana Honduras Hong.Kong Hungary Iceland India Indonesia Iran Ireland Israel Italy Jamaica Japan Jordan Kazakhstan Kenya  Kuwait Kyrgyzstan Latvia Lebanon Libya Liechtenstein Lithuania Luxembourg Macau Republic.of.Macadonia Malaysia Maldives Malta Martinique Mauritius Mauritania Mexico Moldova  Monaco Mongolia Morocco Mozambique Myanmar Namibia Netherlands Netherlands.Antilles New.Caledonia New.Zealand.(Aotearoa)  Nicaragua Nigeria Niue Norway Oman Pakistan Palestinian.Territory Panama Papua.New.Guinea Paraguay Peru Philippines Poland Portugal Puerto.Rico Qatar Reunion Romania Russian.Federation Rwanda Saint.Kitts.and.Nevis Saint.Lucia Saint.Vincent.and.the.Grenadines San.Marino San.Salvador Santo.Domingo Saudi.Arabia Senegal Serbia Seychelles Singapore Slovak.Republic Slovenia South.Africa South.Korea Spain Sri.Lanka Sweden Sudan Switzerland Syria Taiwan Tajikistan Tanzania Thailand Trinidad.and.Tobago Togo Tunisia Turkey Turks.and.Caicos.Islands Tuvalu Uganda Ukraine Uruguay United.Arab.Emirates United.Kingdom United.States Uruguay Uzbekistan Vanuatu Venezuela Vietnam Virgin.Islands Yemen Yugoslavia Zambia Zimbabwe

contact TradingNaked                                  yes I am from the '60's           surfed from 168 countries             yes I am from the '60's                                               claimer              

All content copyright (c) 2002-2008 TradingNaked.com and their providers.  All rights reserved.