Dual Donchain Channel set-up for better view
Hi TV community.
You may have used Donchain Channel (DC) in your trading setups. But have you used two in conjunction?
Add two DC, one set to 144 period and the other to 21 period. Now, you will be able to see the levels where the shorter DC is providing support or resistance to price. So, when you wish to take a long entry; if price is hitting the low of shorter DC and it is above the longer period DC, then you may consider the trade by keeping SL at longer period DC and vice-versa for short trades.
Along with the indicators that you already use, these two together give you additional clarity on PA and help you to take informed trades.
Another advantage is that you can avoid trades where price is hovering in between the upper and lower levels as those areas can be risky. Consider long trades when price has hit the lower level and a short trade when price has hit upper level and of course, by studying rest of PA in totality.
Hope this information is of help to you.
You may have used Donchain Channel (DC) in your trading setups. But have you used two in conjunction?
Add two DC, one set to 144 period and the other to 21 period. Now, you will be able to see the levels where the shorter DC is providing support or resistance to price. So, when you wish to take a long entry; if price is hitting the low of shorter DC and it is above the longer period DC, then you may consider the trade by keeping SL at longer period DC and vice-versa for short trades.
Along with the indicators that you already use, these two together give you additional clarity on PA and help you to take informed trades.
Another advantage is that you can avoid trades where price is hovering in between the upper and lower levels as those areas can be risky. Consider long trades when price has hit the lower level and a short trade when price has hit upper level and of course, by studying rest of PA in totality.
Hope this information is of help to you.
