Tendency: Uptrend ( )
Structure: Breakout | |
Observation: i. A continuation pattern formed after Impulse Leg (flagpole), followed by a consolidation period with converging - the - followed by a breakout movement in the same direction as the Impulse Leg initiates the second half of the Impulse.
ii. Looking out for a long position after a significant Breakout from the pattern which might lead to a further Breakout of @ 0.70200 level confirming bias.
iii . The target point is established by applying the Impulse leg's height to the point at which the price breaks out from the .
Trading plan: BUY confirmation with a minimum potential profit of 350 pips.
Potential Duration: 2 to 7 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
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