I agree, that is what we trade...the false breakouts. If you have rules on your method then you should be ok right?

So...in the case of the channel that was confirmed by the latest hit on the upper line if price should fail to reach it again...then you would look for a pull back, back towards the median line that was formed with 3 pivots from this last bounce...there is where you would look for a breach of that 3 pivot median line for a measured move lower via the rules.

I'm looking to see if the red line holds price from reaching the upper channel for a break lower and would probably look to take profits on it.

Best of good trades, Spike