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Al says, "When a channel looks like this, it's a breakout on a higher time frame chart. Only look to buy" for Tight Bull Channel.
But he is saying this by showing almost the entire channel. In the beginning of the channel, as the bars are forming, we may not know if it's going to be tight or not. So, the question is, how long should we wait to decide that the channel is tight (in real time)?
My understanding of tight channels is that they consist of small pullback, too small for opposite side to be able to scalp ... check out the annotations (attached)
Thanks, Mike and CH for your valuable insight.
So, if I am able to enter during Spike, I would monitor the channel and apply all the rules to decide if it is tight, which would help in deciding the exit (avoid early exits).
If for some reason cannot enter during spike, then the first PB is the crux, which helps in deciding the tightness and thus the entry.
