The Channel Scalper is created for determines short-term, to long-trem and trend directions, helping the traders in anticipating precise buy/sell entry positions. Its curvilinear channel determines the dynamic support/resistance zones. this indicator is a good match for all currency forex and stock.
For greater results we recommend used with shorter timeframes such as 1-minute to 15-minute.
Entry BUY :
When the line in orange below the candles is the dynamic support line. On the other hand, the yellow line above the candle signifies the resistance levels.
The price breaks above the yellow line during a bullish trend reversal, while the orange line appears below the candle as the trendline support.
Enter Buy after the price plots the bullish breakout and place the stop-loss limit below the support line. Hold the Buy positions until the price breaks below the support.
Entry SELL :
In the above sell setup, we’ve included horizontal support for adding a greater confluence to our entry.
Since the price was consolidating above the horizontal support at 1.3575, we haven’t decided to go short right after the price breaks the dynamic support line (orange).
When the price breaks below the horizontal support, it plots a bearish breakout within the current downtrend condition that carries a solid confirmation for going short.
Once the price breaks above the dynamic resistance (yellow), we decide to exit short immediately.
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