Forex Monthly Trading Thread and setup ideas, page-341

This is after the fact, but just for discussion purposes. Here's how I read that 5 minute chart with my channel approach.

I draw the support line at the bottom then copy it to somewhere at the top then add extensions. Then look for signs of strength or weakness in relation to it. In this case, there's extension above the channel followed by failure to reach the extension and falling back below the main channel line, with two wicks, then this sequence of candles showing weakness:

green
doji
red
red
doji
red

Also, experimenting with Parabolic SAR which gave a possible entry on the second red candle. There's also pivot point, but varies according to program used.