How to Trade Channels / Trading Ranges

Channels can be found by drawing trend lines . The support and resistance trend line MUST be parallel to eachother to be valid channels. Channels give us an idea of the "trading range", if a channel has bounced off the bottom at least 2-3 times and the top 2-3 times, it is relatively safe to buy the bounce of the support the 3-4th time and sell once it reaches resistance. The lower trend line is a buying area and upper trend line is a selling area, but they must be tested some times (2-3) to be proven valid and a safe trading opportunity. We usually use tight stop losses, about 5-7% under our entry and below support level , as channels can break out and have significant downside / upside movements. If a channel breaks on the upside, it usually retests the top resistance as support, and proceeds to rally upwards. This is usually a good trading opportunity. Once you see the price bounce off previous channel resistance (now support) and begin to move up with some volume , you can enter a trade in a relatively safe manner.
Thank you for the share!
65 seems a bit low no? I think we'll have some support before that, don't you?
tylergriffsmith XenoBiologist
@XenoBiologist, It is an exercise in drawing and exploring channels and their potentials.

It is not intended to show a proposed projection of the price it could go to.
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