Trading a channel on the daily chart is valid in my trading plan. I typically do not talk about it because it require aggressive stop movements.
After three touches it becomes valid.
The 200 DMA and 50 DMA should be with the trend. On the fourth touch, I go long and place the stop right below the last time it touched the trend line. For instance, in the cotton market I went long at 65 and placed my spot at 63.5. I will generally move up stops with the 14 DMA.
The Yen is about to give me another buy signal.
This is the main reason I did not exit the Yen trade. I consider it valid to add Yen longs here with a stop at the 0.96 level.