Robert24

GBPUSD for @denn112 and @ani

FX:GBPUSD   British Pound/U.S. Dollar
85 0 1
The scale LOCK is on so you can zoom in and out and see everything. Here are the possibilities. 1. He's going for the 2nd largest channel size on the downside 2. He's going for the top of the very largest channel on the upside.
What I would do is play short...and if the pink downline is broken on the UPside. Then I would immediately get out of the short, because he's making a new channel formation. The upper channel line is kind of a built in stop loss line.
The problem with the smallest channel formation IS...it's ALREADY a 3 point fulfilled formation. Very rarely do you see 4 bounce points in a channel. It's usually 3 points. BBT             , BTB, TTB, TBT             , TBB, BTT.
The most lucrative and easiest to read formations are TTB and BBT             . Start point, LEAD point and off to the other side. The channel angle is already established and the VERTICAL post distance at the start of the channel is already known. They continue on and on. As soon as it hits anywhere on the opposite side, it almost always reverses direction. Piece of cake as long as you can get the LEAD point right. Sometimes the channel is shot FROM the imaginary vertical post at the start of the channel. This is the key to the method.
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