isaacfigueroa

What if it does not break the support channel?

AMEX:IWM   ISHARES RUSSELL 2000 ETF
42 5 1
IF it is broken it might go to 95 ish             easily. Resistance: 116 ish             (fibo level) bullish above?
Can you outline and discuss how you would trade this interesting structure?
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I am not trading this one directly (because market weakness, even though it is within the channel) but it helps me to trade QQQ and the SPY. I dont use true range directly but I search for lowest highs and read the tape in the candles tails or bodies + volume. I cannot be bearish totally on QQQ and SPY if I dont see a breakout down in IWM. I would buy this one aggresively if SPY and QQQ fail to continue lower. I always wait for my opportunies patiently.
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Check out the "trendline using LOWEST HIGHS" (using True Range)....
snapshot
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This way the throw-over dip in 2011 that you ignore is used because we use the "high" of the "lowest range" instead of the "lowest low" to make a trendline.
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More red arrows to point to the lowest highs in the corrections
snapshot
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