Channel Surfer Auto Trend Line is a price action-based trend-following indicator. It simply relieves the hassle of looking for trend channels and drawing them manually in the charts on a regular basis.
It doesn’t matter which time frame you use or which forex currency pair you pick for trading, this Trend Line fits everywhere. Thus, traders of any kind can be benefited from this dynamic trend channel indicator.
Channel Surfer Auto Trend Line can be used alone to carry out daily trading operations. However, you can add other trend-following indicators along with this handy tool to extend the accuracy of the trade signals.
Channel Surfer Auto Trend Line Overview:
After the installation of this Trend Line at your Forex MT4 terminal, your trading chart will appear like the following image:
Channel Surfer Auto Anatomy:
- Upper Channel: This line connects the swing highs of the market to project the future dynamic resistances of the market. This is the ideal place to go short if price fails to break and move above the Upper Channel.
- Mid Channel: It works as the heart of the whole trend channel. Price holds above its level indicates the continuation of the bullish move. Conversely, the price stays below its level validates the current bearish thrust of the market.
- Lower Channel: It connects current swing lows of the market to define possible future dynamic support levels of the market. Price holds right above its level and bounces upwards means it is time to long.
How to Trade Guide: Head & Shoulders Pattern
Channel Surfer Auto Trend Line: Buy Parameters
- Price rejects to go below the Lower Channel and bounces towards the Upper Channel
- All the trend lines are guided to the upward direction
- Buy triggers when the above conditions are met
- Set stop loss below the Lower Channel
- Exit long/take profit whenever price hits the Upper Channel
Channel Surfer Auto Trend Line: Sell Parameters
- Price rejects to go above the Upper Channel and moves towards the Lower Channel
- All the trend lines are guided to the downward direction
- Sell triggers when the above conditions are met
- Set stop loss above the Upper Channel
- Exit short/take profit whenever price hits the Lower Channel