📈 Watch this channel for direction of tomorrow's trading day

21 thg 9, 2023

Take note of the fakeout above the channel. I caught myself getting faked out and took the loss for $50. It's good to admit when you're wrong and learn a lesson for next time.



Descending channels are a good sign if you're looking for a reversal. They usually carry on for a while and break upwards. There of course is the rare occasion that they break downwards. Just watch for confirmation. Confirmation should be stronger than the one you see above. It should also confirm on higher timeframes such as the 1hr, 30min, and so on.

Anyway.

Direction will determine tomorrow's trading day.

Assuming this channel lasts only today, the breakout or breakdown of the channel will determine tomorrow's trading day (red or green).

Should I trade it?

Probably not. Just wait for confirmation and let it determine your trades tomorrow. You don't want to get into a trade prematurely and lose money. I usually avoid fakeouts by waiting 30-45 minutes before taking a trade, but this time got me! Happens to the best of us. As always, follow for more insight and daily tips!

SPY QQQ ES1! NQ1!