Yeah, you're rigth. the T means trend (of trend line). the number is the number of touchs. The L means length of trend, the number of bars compositing the trend.
sure, if you combine witch price action and the key lvls, you got a super analyses!
You can use for forex: put your order and take profit on the next signal
or
You can use for binary: but the order for fast trading
Always consider the bands! Don't you forget to confirm in the channel surf too