vlad.adrian

GBP/USD Time for a move down??

FX:GBPUSD   British Pound/U.S. Dollar
271 1 0
I am no expert in the donchian channel, but it is quite obvious how the trend changed when we saw hammers, dojis and shooting stars, at the top or at the bottom of the channel. I highlighted the most important candles which signaled trend changes. Now we see two shooting stars at the top of the channel, very close to the support line or trendline (im not sure what to call it), line that price couldn't cross. In addiotion to bearish price action, we can see a bearish crossover on the stochastic , a signal that worked well in the past when we had reverseal candles. I think its time for a move down, if it won't be a continuation to the bigger downtrend started at the beggining of the year, at least we shall see a small corection to the much smaller uptrend from july.
Today it touched the middle line of the DC channel and formed a hammer. Possition closed with profit
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