Integrated Technical Analysis
the confluence of various trendlines, channels, and prior support/resistance levels
coinciding with the range spikes, providing for a potentially more reliable price
reaction.
Figure 27.16 depicts bullish and bearish price confluences comprising prior
support and resistance, a horizontal channel, and Bollinger bands on the hourly
AUDUSD Chart. These confluences represent key support and resistance zones
in price.fIgure 27.14 Price Clustering around the Right Shoulder on the Daily 3M Chart.
Courtesy of Stockcharts.comfIgure 27.15 Range Filter on the Daily Gold Chart.
Source: MetaTrader 4