Doesn't the broken support of the descending channel be considered as a bearish signal here?
jetly232
⋅
@rahulkumar12569, Sorry friend. I did not understand your question
I dont trade support or resistance or indicators.
Purely trading based on patterns
Rahull_
⋅
@jetly232, I mean to say there is a bigger ascending channel there, before the descending one. Which is going up, it's trending has been broken so doesn't it counted as bearish?
jetly232
⋅
@rahulkumar12569, Good question!
That is the bigger picture.
As of now we trade only what the market is telling us.
For the above trade the market showed us its going to go long soon. hence we enter long. Keeping in mind the bigger picture will be to the down side in future.