The Security is forming a falling parallel channel. A falling channel breakout on the upside has a good success ratio and the failure rate is less than 12%

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

Take the 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 it. Security should trade above the EMA.

Take a 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 it. Security should trade below the EMA.

Falling Parallel Channel

Oct 26 2023