The Security is forming a rising parallel channel. A rising channel breakout on the downside has a good success ratio and the failure rate is less than 15%

A breakout on either side will be an opportunity to enter.

Take Long position only if the Security closes above the parallel channel in a 1Hr time frame with RSI above 53, if the RSI is above 80 ignore. The Security should trade above the EMA.

Take Short position only if the Security closes below the parallel channel in a 1Hr time frame with RSI below 40, if the RSI is below 20 ignore. The Security should trade below the EMA.

Rising Parallel Channel

Oct 24 2022