parallel channel pattern trade
<If there is small range then we should trade after breakout either side.
<It has a range of 15% which is enough for swing trade.
< Whenever there is a huge range, we should trade at the edge of the parallel channel.
< Here, price is touch lower level of it so we should enter here for better risk-reward ratio.
<Long position should be initiated at a level of 490-495 with sl below the pattern (2.5%)
<Position should close near resistance level 555-560.
< RR ratio 1:4
Learning-
In a parallel channel pattern with a huge range, when the price takes support from the lower trendline of the channel and reaches the upper trendline and gives a breakout, the trend will exhaust due to long travel so the breakout may convert into a fake out so always take trade at support or resistance line.
<It has a range of 15% which is enough for swing trade.
< Whenever there is a huge range, we should trade at the edge of the parallel channel.
< Here, price is touch lower level of it so we should enter here for better risk-reward ratio.
<Long position should be initiated at a level of 490-495 with sl below the pattern (2.5%)
<Position should close near resistance level 555-560.
< RR ratio 1:4
Learning-
In a parallel channel pattern with a huge range, when the price takes support from the lower trendline of the channel and reaches the upper trendline and gives a breakout, the trend will exhaust due to long travel so the breakout may convert into a fake out so always take trade at support or resistance line.
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