Barishpolets Channels Indicator For MT4

Barishpolets Channels Indicator For MT4

Table Of Contents:

  1. Barishpolets Channels Indicator For MT4
  2. Trading ideas with the Barishpolets Channels Indicator For MT4
  3. Barishpolets Channels Indicator For MT4 - Bigger Picture Analysis
  4. Barishpolets Channels Indicator For MT4 - Conclusion

The Barishpolets Channels Indicator For MT4 overlays the Baryshpolets channels on a price chart. The direction and slope of the channel is a strong indicator of the underlying price trend in a market.

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Trading ideas with the Barishpolets Channels Indicator For MT4


The picture below illustrates one of the main reasons why you should use this indicator in your trend analysis.



With reference to the image above you can see the indicator is showing that the market could be heading upward, however, at this point in time the angle of the channel is still fairly flat. That is because the market was trading in a bearish market and just recently the market started reversing hence why the angle of the channel is not so steep. You can even see that I have also drawn in a few trend lines in myself.

Therefore, the angle of the channel does not correspond with the angle of the support trend line. As mentioned before the market is going through a bullish reversal and soon the angles of the channel indicators and the trend support line will converge.


Barishpolets Channels Indicator For MT4 - Bigger Picture Analysis


I like to chat about another use case which is quite useful when you are doing your top-down analysis. For top-down analysis, the aim is for you to just get a visual on the bigger picture of what is happening in the markets from a technical standpoint as shown in the image below.



Looking at the image above, the market is heading up as indicated by the angle of the channel but what I have done is that I have actually traced over the channel using magenta trend lines. I did that so that I can map out the channel on the lower time frame because that is the time frame I am looking to trade on. In the next image, you can see that we have gone down to the lower time frame.



But with reference to the image above you can see that the channel indicator on the lower time frame is showing us a big ascending triangle. This is a bullish pattern which could result in a big move to the upside and therefore it coincides with the bullish outlook which was shown by the channel indicator on the hourly time. The big ascending triangle gives us a strong indication that the market is well-placed or best suited for buying.

However, from a short-term point of view, the markets could sell off towards 1.18185 and the 1.18090 price levels which are the two respective lower lines of the channel indicator projected and forged from the hourly chart. This analysis which I have just provided, it sets one up for both types of markets - which is buying and selling. However, just know that short-term sell positions will likely be shortlived - meaning that you should not stay fully committed to these trades for a long time therefore you can look at trading towards those levels as I mentioned and then close your sell trades.

After that, you can wait for buy trading opportunities that come into confluence with the buying objectives that is set out by the big ascending triangle pattern. One of the important aspects of trading is your ability to gauge the market sentiment. Having this simple yet sophisticated skill can set you up for success because it brings a firm foundation into whatever technical analysis viewpoint that you may provide. The image below is showing you how to gauge the market sentiment.



With this particular example in the image above, I am basically showing you how to gauge bullish market sentiment. There are two parts to this channel indicator - a lower part and an upper part. Because the channel indicator is pointing in an uptrend trajectory - most of the price activity should take place in the upper part of the channel which was the case as per the circled area.

At this point, it is realistic admission to make to say that the market could sell-off in the short term towards the middle line of the magenta channel. However, because the bullish momentum and strength are so intense, it is most likely that the middle line of the magenta channel could provide support for a huge move to the upside.


Barishpolets Channels Indicator For MT4 - Conclusion


The Barishploets Channels indicator is a multi-purpose indicator which give us the ability to use it for different situations in the market. The main idea with this indicator is to provide you with trend direction indication courtesy of the angle of the channel. If the channel indicator is pointing upward then the market is bullish.

And if it is pointing downward then it means that the market is heading downward. This indicator is fairly accurate. Furthermore, the angle of the indicator is not the only point of interest in our technical analysis. The steepness of the angle of the indication conveys to us the level of intensity and momentum in any give trend move.

Lastly, this indicator can work also for gauging the market sentiment as shown and proven in the latter parts of this article. Of course, you can expand on these use-cases if not unlock your own methods in which you use this indicator. Just remember that it is paramount to conduct some thorough tests on your part before you make official use of this indicator on your live trading portfolio.

 

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