How To: Using Parallel Lines To Look For Entries Or Swing Trade

Sometimes it can be hard to see visually where the current price might be in terms of a longer term trend and whether the price might be at the top or the bottom (or the middle) of its range.

Depending on how you trade, you might want to dive in and look for a short term opportunity, or you might want to wait a little while for a bigger pullback and take a longer position on the stock.

Some of you might even want to wait until it gets closer to the top of the range and take a short position expecting it will go down.

Swing traders can use parallel channels as a really useful tool to take both sides of the trade as the stock goes up and down inside its channel.

In this video you will be able to see how to:

1. Add a parallel line / channel to your charts.

2. Add a horizontal support or resistance line to your chart and modify it.

3. Set an alert to notify you when the stock price might be crossing through these areas and send you a message.

Hopefully useful to some of you. Give it a thumbs up if it was :)

Angus.

Comment:

Some more videos I have made with tips and tricks in them on how to use TradingView where you might find something useful.

www.tradingview.../search/zAngus/?sort=recen...

Comment:

My alert triggered to say that LEL was back to its support / bounce area after getting beaten down with the overall market.

I have set an alert at $1 so if it starts to head back up in its range I can consider an entry.

It COULD of course keep going down especially driven by the market and it has traded outside of its range in the past, so I definitely want to wait to see a turn around before I would make a decision to commit.

Comment:

Its been a pretty erratic recovery against the overall downturn in the rest of the market, but LEL has been showing some more momentum recently after its recent big move back up.