That's incorrect. You can track directories like this mysite/directorie and you can track individual urls like this way: mysite/mypage.html
Another question: about Channels, you can use something like "HorizontalskyToppageRedandwhite" but what if you use 3 different channels like "Horizontalsky" "Redandwhite" "Toppage" all combined into one single ad?
Would that provide useful information to you? I mean you can notice if HorizontalskyToppageRedandwhite works or not.
But would be useful to know if "Toppage" performs in general best than "Bottompage"?