Channel Break Out?

Guys I was looking for a short trade to the bottom of the channel. It doesn't look like that's going to happen as price seems to have broken out of the channel. Let's see what type of correction it makes. If it's shallow we might get a nice long set up but if it's sharp we may have to wait for it to complete before finding a safe long entry point. Either way I'm only looking for a long trade.

I'll update my analysis as price develops so remember to follow to receive them. You can also follow updates via twitter (link from my TV profile)

Always wait for an entry set up before risking your money.

This is not investment advice - it is purely for educational and discussion purposes.
Your Ideas, comments and questions welcome

Good luck Steve

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Let's see how this develops

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Still waiting for a breakout of this correction. I suspect it will bounce around here for a while but place an alarm on the breakout line so you don't miss any long move

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Expanding flat?

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This correction is developing nicely. I may go lower but I've put an alarm on the upper trend line so I can catch any breakout long.

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"It may go lower" not "I may go lower"

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Another opportunity to emphasise why we wait for the correct set up before opening a trade. I was waiting for a long trade set up here but it didn't meet my rules so I'm not in the trade. What happened next - look at the chart if dramatically went in the opposite direction. This is where traders lose money - despite the correct looking structure for a long price reversed - if you are not sure or your rules have not been met - stay out of the trade.

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So where are we now with this and why did it not go long after a "breakout" This is difficult to show on a static chart because chart analysis is dynamic but if we zoom out a little bit we'll see that the price is still in a correction and is going down for one more wave before presumably going long again. It will not proceed in a straight line but it is highly probable that it will descend to the channel bottom.

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OK this looks like we are getting a correction before completion of the wave down. ie 3 wave and we are currently in wave 2 I'm looking for a break and short trade set up

This chart is finished for me - I'll post a new forecast next week

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For clarity 3 wave means a three wave move down. So we're looking for the 3rd wave of three and we are currently in the 2nd wave of three

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We've had a break out short = wait for a correction before entering