Price charts are a visualization of human emotion. And humans love symmetry, which means markets do as well.
Everything from Fibonacci levels to equidistant channels illustrates symmetry in the markets. We’re going to discuss the latter today.
I’m going to show you why channels trump trend lines every time and how to draw them so that you have accurate and actionable levels on your chart.
We’ll then finish up with a few charts, including updates on ALGO and ONE.
Choose Channels Over Trend Lines
The first type of support and resistance you probably experimented with were horizontal levels. They’re the foundation for an annotated chart.
However, trend lines are a close second, especially if you’re analyzing a trending market.
What you may not know is that most trend lines can be drawn as channels. You still get the benefit of the trend line, but with an added benefit.
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