Stock touched the low of a two-tiered down channel. No buy signal as of now.
Previous idea posted didn't work well enough. Attached. For Future Reference
Today's move was just ... Check how prices behave at trendlines. That buying pressure was definitely something. Yet I would have avoided it as the signal bar was bearish.
Short term downtrend Avoid longs till bullish signs appear
Skip longs at the moment. Need a better entry signal
Needs a higher low to enter. Problems: Trend Channel sloping down 21 EMA
Trade entry and stop details on the chart
Middle of the range. No point entering. Look elsewhere.
Prices at the midline of the trading range. Wait till the support to enter long.
Short term trend channel broken. Prices attempting a new high. Can reverse after doing so. Longs, wait for the trendline to enter.
Watchlist There can be another tier to the channel. However, that seems unlikely. The prices can bounce off the support after the breakout and reverse strongly in the other direction. Wait and Watch
The Retest bar was not bullish enough. Skip