Humbletrader I disagree. This is a SPB bull trend which is one of the strongest type trends there are even though momentum waxes and wanes and usually in not real big amounts.
SPB = small pullback trend
These type of trends can be relentless for hours. Sometimes the whole session. Often there is a reversal attempt within the hours of 12:30 to 2:00 central time then the trend resumes to the close.
The tactic is buy the pb’s or add to a position on pb’s. Often a trader will find as the tight channel continues bullish the pb’s end in the middle third or bottom third of the tight channel. As long as price stays above swing lows i like to add but I also watch the EMA (20). If price on a pb breaks a little below it I am ok with that as odds favor it will quickly within a few bars go back above the ema. But if price breakshard below the ema and out of the bottom of the tight channel then that is an alert of a pending reversal.
The hallmarks of a SPB bull trend is it relentlessly goes up even though slowly, and stays much of the time above the EMA. Just continues grinding up. Bullish institutions are buying up every bear attempt to reverse it. They are stronger.
Traders often think it has to be at a top because the channel is usually not a steep channel. So they are continually shorting what looks like tops ..even wedge tops...but in a SPB TREND that is not the tactic to employ. In general I am going long in the lower middle or lower third range. If there is a strong BO south out of the range, south of swing lows, south of the the ema AND it has FT then I exit all longs reverse or triple up and go short.
