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This may look quite simple to trade. Day started with a bull channel but if you look to the left it was a bear trend.
As per AL's book channel has at least 3 or 4 touches, after that it at some point it will break the trendline and it could touch the bottom of the channel whereas here it didn't. Here once it reached the top of the channel and it had 2 bear legs, L2 is where I would short but then I t didn't go far down and instead went up. At this point I wasn't sure if its' trading range or it is going to go up. It's confusing how I would trade this even though it's looking pretty clear.
https://www.tradingview.com/x/nXqMUgyq/
If I would short L2 i would end up in a loss and if I would have gone long I don't know if it's a trading range. If I wait and watch and for how many bars before I would have thought I could enter a long trade now and the by the time I would enter the trend would have gone weak already.
Regards,
Nandkishore
Hi Nandkishore,
as far as I can see in your chart marked with entries, I would recommend you watching the daily review videos of Brad Wolff - some of them are available on youtube for free, or you buy the trading room live acess. He talks so much about where to expect sellers above or buyers below, about channels and tight trading ranges. The first months after watching the course traders try to take wedges and H1 and H2 and so on, and wonder why they are not able to make money consistantly. But you also have to be aware of the context, microchannels, tradingranges, overlap...
Hope this helps, but I don`t have the time to read through all of your question.
Wish you good trades and enjoy the journey!
Hardy
