Per channel line forecasting and lagging trend confirmation:
Both are a powerful means to track where smart money is being allocated and where it's going.
Bounces are created by price satisfaction in sell-offs and buy-backs and by the time a rally from a bounce has shown signs of commensurating is often where smart money decides to enter having drove prices down or up enough to claim a stake in an opposing direction; and enough channels if professionally done are in place before hand to determine where it is smart money is flowing, before it flows.
Here's a chart of my monitoring ES' rally, pull back, and confirmed buying frenzy - elsewhere on ET can be found a jpeg of my buying this pullback before the buying frenzy - though, you'll have to hunt for it.
Outside of scalping pikers and agressive block investors throwing weight, no one buys a bottom or top. They buy a confirmed pullback. And you can't get a good fill on a pullback unless you're automated without trendlines and channels.
That you're down-playing channels only proves your total lack of familiarity in market dynamics and execution timing. And no offense has been taken; though I'm assured you'll be offended.
