This Is Why You Should Use Channels In Your Trading
As you can see on the
30-minute chart below, the S&P E-Mini (ESH5) has been moving
inside of a rising channel. Needless to say, traders are looking to long ES if
it touches the lower boundary.
11:04:54
|
Action |
Symbol |
Order Type |
Setup |
Stop |
 Target |
Current Price |
Posted By |
|
Buy |
ES | buy at the market | testing support | 1189 | 1191.50 | 1190.25 |
TK |
Now, look at the 5-minute chart with
the same channel. Can you see it? The 11:00 AM bar touched the lower boundary
and formed a doji (a cross-like bar). So often the doji signals a directional
change. We bought ES at the market.
11:16:44
Follow up on ES (Pt. 2)
It hit our target. Sell the rest, or move stop higher.
T.Kamada
If you have questions, feel free to
mail them to me.
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