This Skill Is Essential for Pinpointing Your Options Trades

On Tuesday, we talked about “Channeling,” and I told you how you can use a stock’s Support and Resistance levels to identify channels and better predict how a stock’s price will behave.

To illustrate the point, I used a horizontal channel – that is, a stock that’s trending sideways. It’s the easiest type of channel to identify and trade because you don’t have to account for a stock that’s trending up or down. So it was the perfect way to explain the basics.

But now it’s time to tackle something a bit more advanced.

We’re going to dig a bit deeper into channels today – there’s a lot that you need to know in order to wield this technique effectively.

So let’s get started…

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Use This Technique to “Channel” Your Profits

We’ve talked before about the importance of Support and Resistance when looking at a stock chart. Back in October, I called it a trader’s “Swiss Army knife” and one of my go-to technical indicators. And we touched on it briefly again last week when I told you about Japanese candlestick charts.

Needless to say, Support and Resistance come up a lot when during the normal course of trading. They are incredibly important indicators of where a stock price might (or might not) be headed.

Today, we’re going to take a look at another way you can use Support and Resistance to identify potentially profitable options trades.

Let’s get to it…

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