Had teasing price action today but no breakout. Price is now bang in the middle of the channel. Both MAs are flat signifying congestion is still in play. Howeve the candles are having relatively long tails or showing as hammers. Price is looking for a catalyst for a breakout
Price broke out to the downside instead of upwards that I was expecting. I lost nothing on this idea as I was looking for a close above the channel before getting long. Of course the opportunity cost is the breakdown to the downside but I am fine with that.