was a good day to sit on a short with zero signals for a long, however the dees 2018 channel is not (yet) broken even with a throng of retail voices calling a top
$xjo
a protective sell after a new altime high (which itself doesnt mean squat) with a strong sell in the US would appear a normal set-up - not a bear market - and very few ever pick a top that hails a bear market - understanding the difference defines hanging in too long and selling (equities) too early
a little bone of contention about channels
the whole gist of two lines to draw a channel is to isolate where and when to exit, but it misses the construct of a trend, to get to that construct one must define how the construct is - well -constructed
and to do that we must first define that a channel is not point a to point b alone, it is from the confirmation point to the next confirmation point, therefor this channel is taken from the first significant pullback that becomes the confirmation that the upside has a reliable construct and the base of the channel has two further confirmations, price may and often does exceed the roof of the channel but it should not close below the channel floor in the space of 2 bars (yesterdays open and todays close)
if we were to take the channel from the first price then we do not have any consistancy or evidence that we are doing anything more than picking an ongoing random price above the entry point so there is no reliability and it negates any value in trying to "box" what price is doing