Understand that your profits will be far greater with much less capital risk by trading options than if you owned the actual stock.
If the stock reaches the bottom of a channel, a good strategy is to buy an "out of the money" call option, because you're expecting it to bounce upward. A good broker who allows you to trade options and gives you the chance to place your trades online.
This is because options have so many more variables than just buying shares and selling for a profit . They give you the flexibility of holding an "each way" position if you like, because you can hold both call and put options at the same time for the same strike price and expiry date or any variation thereof. If instead it continues to fall, then you buy an "out of the money" put option and make a profit from that.
The best places to buy are at the tops or bottoms of channels, but first wait for the "bounce" to validate your expectations. Since the options market is based on another market but not rigidly linked to it in terms of price, you can find overpriced and underpriced options, especially when they're "out of the money".
Quite often when the stock retraces or bounces back you'll make a profit on the call options.
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