Simple's Green Room

[Qui-Gon Kagi]

Charger......I'm always looking for channels anymore as I trade because I see them all the time, and everywhere on any given chart. And obviously when a channel is broken there is break of a trendline either top or bottom. And knowing that those trendlines always become compromised eventually, I had been looking for that GJ break to happen, but during the initial 15 minutes that it occured, I wasn't at the computer so I missed the break. And when it did finally break down and I had seen the drop I immediately, and errantly, began looking for a bounce entry since I missed the drop. Now knowing that the price could have gone up again to the top trendline of that channel some 100 pips above instead of breaking down through the trendline, I decided not to put a short position in at the bottom trendline waiting for the break that finally occured some approximate 5 hours after it first touched the bottom trendline. Looking back, I should have. And during the time that price was churning around the trendline I got no real indication either way from the pincher setup chart or TDI or the cloud or anything else that the price would bust down dramatically like that. At least not on the smaller time frames. The 4 hour pincher chart presented a TRIX crossover that would have indicated a breakdown but I wasn't looking at the 4 hour pincher chart unfortunately. Anyway, it all came down to the trendline and waiting out the consolidation. I took my long at the first significant trendline hit but that was a mistake. I'm in small so it's not a huge mistake, but now I have to guess where GJ is headed lower for the true bounce location and I honestly don't have a good feel for where to add at this point. Maybe somebody else does and will declare it or offer it to the rest of us.