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Let's talk about channels and channels can kind of provide some good opportunities for trading as far
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as trading within the channel and also recognizing when a channel pattern is going to be broken out
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of a channel as far as trend lines.
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And simply drawing a channel trend line is simply drawing the support and resistance lines on the same
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chart when we were doing downtrends.
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We're connecting things.
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We're doing uptrends or connecting things.
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We're now putting those supporting resistant lines in the same chart.
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And one thing when you're doing this, you want to take note of which one is the predominant trend,
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right?
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So we're not looking at things that are not trending or something that we're trying to get some definite
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pattern around here.
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And if there was a predominant trend coming in, like an uptrend or support trend coming into our resistance
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or into our channel, you know, we want to take a note of that.
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And you might say, well, this looks like a rectangle and they can and they usually do as far as that.
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But they could also form other types of things to us for a channel or wrangel where there's trading
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happening between the resistance and the support line.
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So we looked at this with some of the examples we've given before.
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You can see our on the left there, we had our downtrend established, our GENDEREN ones.
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And so then we just connected the two lows there.
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The you know, as far as the other end of the of the range from the highs, the lows, and you can kind
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of see how a channel is formed and there's things trading in between the channel.
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So for example, on the left there were had it broken through where the downtrend ends, let's say the
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downtrend had ended and it turned back down towards the towards going lower than we would be watching
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that other channel.
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We'll see if it would hit that support line at the bottom there of the channel and then rebound back
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up.
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Might be something or trade withinside the channel.
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But in this case, it did break through and, you know, form some new stuff you can see also or some
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outrating kind of sideways up and down type patterns until really getting there.
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Now that we saw on the right the same deal where we are connecting our tops and our bottoms.
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And now we have a neutral in this example, have a new downtrend.
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Look at all those red coasties and rozzers, six of them there.
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And you can see a pretty well formed channel, you know, forming along that, too, is the idea that
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we're looking at is basically connecting the tops of the bottoms to kind of get a view for the channel
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that we looked at.
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Another one, let's say, on an uptrend.
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And this is the image we've seen before.
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We're talking uptrends.
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You can see we had that bottom line, the support line we were buying on the second or third touch example.
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Let's say we're buying on the third touch and we're now connecting the high, high, highest highs,
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as far as, you know, looking at that channel.
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And you can kind of see it more spreading out this channel.
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And this is where you get into more of a dynamic process because you can look at and say, well, maybe
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if I adjusted my lines and then start that that first day there where I started to me, I go two days,
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then it might look something like this.
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Well, then that seems to be a little bit more of a narrower range or more maybe accurate type thing
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as far as understanding what my channel resistance line on top might be.
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Right.
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So there's a difference between those two different ways I drew it.
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The first way was an accurate way.
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But the second way, if I was also to start my support line at the same spot, ideally that's what you
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should do or could do.
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But you might say, OK, this looks to be a little bit more accurate as far as what's going on, at
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least at the current moment.
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And then you can combine that you combine this with other things, too, just like we saw the burish
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engulfing candlestick.
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This might help where I'm looking at the channel and I see that the big red bar engulfed the previous
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up close, you know, engulfs that.
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And I can see, you know what, that big red Barrhead, both my top, my resistance and my support line
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at the same time in a trading day.
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That's a pretty wide movement and it's a bearish sign because it's a candlestick pattern showing a bearish
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sign.
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And then what happens next is I get my support line broken and I could have sold then or certainly when
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I get a full break of a support line, I could sell then as well, too.
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So that's kind of showing me my channel and how my channel is kind of being worked in that channel and
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then combining it with my trend line and then combining in this case with a candlestick pattern, too.
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So a couple of different ways that you can look at our combine at two to kind of you're basically trying
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to get a visual clue as far as what's going on.
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And so channels can be helpful when you're looking to maybe sell out resistance lines or or, you know,
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buy a support lines, for example, or we start seeing things where we see a trend line being broken.
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You're seeing that full channel pattern might be able to help us there as far as understanding what
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might be going on with that trend as well.
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So another tool in your toolbox that you can use when you're drawing your trendlines.
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