887ish would have been a sweet entry for a long. I assume you look for confluence of several channels...would you have gone long at the above level ?
...an up channel is better for a long entry..... rather than a down channel ....unless you are very confident about what will happen next ....edit.....there is however a bigger channel bottom down there providing support
...on 10 min globex.... .... rejected at 100 sma yesterday.... ...on wednesday.... first hit of 200 sma is usually a high percentage short
... i hope i did not take your question too lightly .... .... i should say that..... ... if it is a down channel..... i would look short either at the upper wall ... or at a failure at 75% or 50% level ... 50% level means the centerline..... ..... and if it is an up channel.... i would look to long it either at the lower wall .... or at a failure at 25% level or 50% level..... .... as long as price is moving in a down channel.... i would not look to go long until a new up ward channel is formed..... .....although.... if the downward channel is large enough.... ... an upward channel may form within the larger channel which would allow a long position on a smaller scale.... .... hope that is helpful to you....