Upward Channel Break Out Strategy
A upward channel is drawn by drawing a channel using the MT4 Channel indicator. This then forms an upward channel & as long as a price stays between these two channels the general upwards trend direction is intact and the gold price movement will continue being bullish.
Upward Channel Break Out Strategy - Upward Channel Breakout MT4 Channel Technical Indicator
Trading the Channel Break Out Strategy
The upwards channel is used by online traders to show the levels where gold price should move within & also the levels where it is best to take profits. Traders will take profit and close open orders once the gold price touches upper channel & wait for another gold price pull-back before opening a buy trade again.
XAUUSD Trend Lines MT4 Channel Indicator
The MT4 Channel Indicator drawing tools to draw these channels setups on the MT4 platform are--locatedcan--be--found on the MT4 drawing tool-bar within the MT4 platform, To get this MT4 tool bar if it is not activated on your MT4 software, Click in 'View' Next to the 'File' menu at top left corner of MT4 software & click View, Then Click on ToolBars, Then Check the 'Lines Tool-Bar' by clicking on it.
Below is an example of the MT4 drawing tool bar. To draw a channel on chart click on this MetaTrader 4 channel drawing tool and select the point where you want to plot the gold channel.
MT4 Tools for Drawing Channels - Channel Break Out Methods
How to Draw a Downward Channel
A downward channel is drawn by drawing a channel using the MT4 Channel indicator. This then forms a downward channel & as long as a price stays between these two channels the general downwards trend direction is intact and the gold price movement will continue being bearish.
How to Draw a Downward Channel
Trading the Downwards Channel Break Out Strategy
The downward channel is used by online traders to show levels where the price should move within and levels where it is best to take profits. Traders will takeprofit once the gold price touches lower channel & wait for another trading retracement before opening a sell trade again.
MT4 Tools for Drawing Channels
The MetaTrader 4 tools to draw these channels on the MT4 charts can be found on the Lines Tool-Bar within the MT4 platform, to access this MetaTrader 4 tool-bar if it is not activated on your MT4 Platform, Click in 'View' Next to 'File' at the top left corner of the MetaTrader 4 Platform Software and click View, Then Press on Tool-Bars, Then Tick the Lines Tool-Bar by clicking it.
Below is an example of these MT4 channels drawing tools: just click on this MT4 channels drawing tool and select the chart points to where you want to place this channels indicator on the gold chart.
MT4 Technical Analysis Charts - Downwards Channel Break Out Methods
MT4 Tools for Drawing Channels - Downward Channel Breakout MT4 Channel Technical Indicator
MT4 Toolbar - Channel Strategy Guides Tutorial & Channel Breakout Strategies used to obtain these channel drawing tools displayed above, to plot these channels, just select the above MT4 channel drawing tools shown on the MT4 platform and choose the two chart levels where you want to plot the upward or downwards channel.
XAUUSD Channel Break Out Strategy - Technical Analysis Using Channel Breakout Strategies - How to Trade Channel Break Out Methods
