" What was that?? Channel analysis doesn't work Okay if you say so "

Okay folks just an example how powerful channel analysis is and how it can keep you ahead of the pack. So we here at askchrishetrades.blogspot.com, were expecting a slight day up, going into flat from resistance, and then a break one way ( 60 min chart ). Since we are bearish right now on financials, we were ready for a break to the downside. A break above the thick red line would have rallied this market higher, but bears didn't allow that. So what happened? we had a break below that upward rising trend line to give us a a nice momentum play on the $$XLF to the downside. The continuation downward shall bring lower prices and complete a possible head and shoulders that could pan out. I am expecting a slow down day tomorrow to double support( 200ma and trend line ) again around the 9.50 range. If we bounce off this level on strong volume I will be a little concerned since I am a bear. If we break below this level tomorrow or in the near term, on completion of H&S we will be going substantially lower. Enjoy the chart ladies and gents!!!While they are anticipating the move to happen, you are already there waiting to profit from the momentum move that their anticipation will bring. We used the 15 min chart break of the triangle to give us the go. So while most were expecting a possible break to the upside we already knew from the divergences ect... that down was the move.

Notice how 9.50 on all time frames will be a quick spot to play a scalp. Thats what we try to accomplish here!!


XLF 60 min ( UPDATE )




XLF 15 min ( UPDATE)



XLF 30 min ( UPDATE )