1. TraderOne
  2. Sherlock Holmes
  3. Forex Trading Strategies and Systems
  4. Tuesday, 22 October 2019
  5.  Subscribe via email
“Day Channel” indicator marks short term support resistance levels for intraday trading. It consists of the day’s High, Low, midpoint, and levels at 38.2% from the day high and low. Day channel is intended to use on lower time frame charts like 5 minutes, 15 minutes, etc. These levels become valid after a few hours of market open each day, best to use towards the closing session.

Trading activity below the midline shows bearish sentiment for the day and above midline implies bullish sentiment. In the image, price breaks below the lower support line and trades lower. Later it consolidates between the two lower lines. The day high and low are good support resistance levels. Day channel is not a stand-alone indicator, it should be used together with price action or other indicators to confirm breakout or reversal at these levels. Candle patterns forming at these levels can be used to open trades. When a reversal candle pattern like engulfing bars, hammer, etc. form at these levels, trades can be opened.
Attachments (1)
There are no comments made yet.

There are no replies made for this post yet.
Be one of the first to reply to this post!

Latest Spot Rate

22 November 2019
Oil rises on hopes of OPEC cut extension, U.S.-China trade deal - MarketPulseMarketPulseHome/Commodities/Economic ExposureShare 0Oil prices rose nearly 2% on Thursday following a Reuters report that OPEC and its allies are likely to extend output cu...
21 November 2019
Gold - Rebound may be short-lived (video) - MarketPulseMarketPulseHome/Commodities/Market Pulse/Media/OANDA Video/Technical Analysis/Technical Analysis Commodities/VideosShare 0OANDA Senior Market Analyst Craig Erlam gives his analysis on gold and e...
21 November 2019
USD/CAD - Rallies as oil tumbles (video) - MarketPulseMarketPulseHome/CAD/Central Bank Watch/Commodities/Currency/FX/Market Pulse/Media/OANDA Video/Technical Analysis/Technical Analysis Forex/USD/VideosShare 0OANDA Senior Market Analyst Craig Erlam ...
21 November 2019
US Open – Stocks drift lower on Hong Kong Bill and trade news, Oil and Gold post modest declines - MarketPulseMarketPulseHome/Commodities/Currency/Economic Exposure/Indices/USDShare 0US stocks remain in a holding pattern as optimistic comments from ...
21 November 2019
Business Breakfast with OANDA on Jazz FM - MarketPulseMarketPulseHome/Central Bank Watch/Indices/Market Pulse/MediaShare 0Michael Wilson is joined by OANDA Senior Market Analyst Craig Erlam to discuss the UK election, Trump’s impeachment hearing, th...
How It Works | About | Contact | Privacy Policy | Forex Marketing
© 2009 - 2019 Forex Forum. All Rights Reserved. Risk Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Past performance is not indicative of future results. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.