Let's recall my previous TA ideas and more๐๐ป๐๐ป๐๐ป
Today we are talking about channels. Come on๐ช๐ป
Technical analysis defines a โchannelโ as a corridor in which a price chart moves limited by the support line below and the resistance line above.
There are three types of channels:
๐bullish channel
๐bearish channel
๐sideway or range (flat, trendless)
The channel breaks, when the price breaks through either support or resistance.
Breaking resistance on the bull channel is a good signal to buy. For a bear channel the opposite is true.
With the side channel, the signal is less strong. If we break through support on the bullish channel and resistance on the bearish, we get a weak sell / buy signal (it is better to get confirmation from other indicators).
In addition, you can play inside the channel, observing two rules:
โญthe longer the price moves in the channel, the more likely it is to exit it;
โญplay better towards the main trend.
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