EURUSD 1.1858 USDJPY 111.60 USDCAD 1.2372 EURCZK 26.031 USDCZK 21.947 EURPLN 4.2727 USDPLN 3.6036
EURUSD 1.1858 USDJPY 111.60 USDCAD 1.2372 EURCZK 26.031 USDCZK 21.947 EURPLN 4.2727 USDPLN 3.6036

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Ascending channels are useful for identifying upward trends and possible reversal of such a tendency

Rule of thumb

Concluding transactions in the vicinity of the support or resistance lines requires caution

 

From time to time the market prices tend to touch or even infringe the lines for a brief moment, only to return to the previous channel

Chart type: Line charts, bar chart, candlestick

Applies to: Both reversal and continuation

Significance: High

 

 An ascending channel is a formation that combines the use of two parallel ascending trendlines, identifying an upward trend on the market. Just as in the case of a horizontal channel, the trendlines provide both support and resistance lines.

 

ascending channel, trendline

 

The lower trendline (support) is drawn by connecting the lower-end of the bars, while the higher trendline (resistance) is drawn by connecting the upper-end of the bars. 

 

How to use it with MetaTrader 5:

  • Lines can be drawn using a “Draw trendline” icon
  • Alternatively options “Insert/Object” and then “Draw trendline” can be used.It is easy to draw a parallel line by choosing a trendline on the chart with a double-mouse-click, and then moving the mouse pointer while pressing the “Ctrl” button on the keyboard.

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