I really don't like trend lines as you either have to adjust them over time or abandon them all together.
Horizontal support and resistance works way better and you can leave it on your chart for years and it will work the same next time price visit that area.
I have adjusted the diagonal trend line a bit on this chart and added a horizontal channel.
In my opinion we are going to have a big move as soon as we have a daily close outside of the parallel channel.
I am leaning short for various reasons.
Good Luck!!!
Horizontal support and resistance works way better and you can leave it on your chart for years and it will work the same next time price visit that area.
I have adjusted the diagonal trend line a bit on this chart and added a horizontal channel.
In my opinion we are going to have a big move as soon as we have a daily close outside of the parallel channel.
I am leaning short for various reasons.
Good Luck!!!
Note
Clean break of both the bottom trend line as well as the parallel channel
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.