With a channel being identified one might choose to take the trade at the LL as a reversal rather than wait for a stride break and ret.
Given that price is in a channel and has tagged the LL the most probable direction is towards the UL, if demand is strong enough there might not be a ret until price reaches the UL in which case the trader would miss out on a 300+ point move.
The best places to take a trade are at extremes, the closer price gets to the mean the higher the chance one could get chopped up.
The attachment (16th and applicable to the 17th on the LL tests) is one of the things one could consider when price gets to a level where the supply/demand balance will most likely change.
(On a side note, price might be forming a hinge on the daily/weekly so who knows how things will play out.)
Thanks for the response Kleft! My problema is that I cant trade the 5 min bar interval because I have a day job, I can only go down to the hourly. In the case of the Long trade, I believe it was unconfirmed because after the DL break there wasnt a succesful retracement.
Now that the LL of the weekly trend cannel has been broken, I would be waiting for a retracement on the daily to enter a short trade, as I depicted in my most recent chart "Scenario 2".
NQ Weekly: Approaching TR top.
NQ Daily: DL intact.
NQ Hourly: Will come into play in the area of interest.
There are other ways of looking at it. TC top from previous lines drawn by DB is also around where the TC top is. I see 4680s-47340s area as the area of interest. Yes, I know it's wide but it is a significant area. Beware of the wee hours of trading. A lot has started to happen during European morning hours.
Depends on how long it takes to get there as it's diagonal. As of now, the UL is about 4725. By next week it will of course be higher.
The time to go long, of course, was the RET after the re-entry into the channel (if one subscribes to AMT). The longer one waits after that, the higher the risk, due in large part to "profit-taking" and short-covering.