Two trades one long and one short trading the upper and lower bands of a price channel. I dont generally trade a price channel for many reasons, but with the long term chart dominating trend in my favour it worked out. For this trade my long-term chart was (W) chart and my current price chart (D) chart. The current chart is where i take my entry, stops & cover my positions.
First trade was in January when price entered a DZ, while the Long-term chart was still in uptrend.
I took the LNG w/ a STP below the DZ. i was risking 0.90 per share for a reward of X3 if price hits my Profit Target PT1 at the top of the channel.
The Second trade was more recent in April with the long-term chart (W) in a downtrend now, & price is coming into the upper court of the channel,
my SHRT executed near the top of the channel, provided a low Risk entry short with a STP loss of 1.2 per share. The reward was again a X3 if price enters the lower band of the channel. & today the price entered & I CVR my SHRT.
First trade was in January when price entered a DZ, while the Long-term chart was still in uptrend.
I took the LNG w/ a STP below the DZ. i was risking 0.90 per share for a reward of X3 if price hits my Profit Target PT1 at the top of the channel.
The Second trade was more recent in April with the long-term chart (W) in a downtrend now, & price is coming into the upper court of the channel,
my SHRT executed near the top of the channel, provided a low Risk entry short with a STP loss of 1.2 per share. The reward was again a X3 if price enters the lower band of the channel. & today the price entered & I CVR my SHRT.