jonathanvn

First Forex Idea: Flag (continuation pattern) in bullish trend

Long
FX:EURGBP   Euro / British Pound
This action could determine if EURGPB stays bullish on the higher timeframe.
The top blue line you see is my 1D technical analysis which is tested twice but likely to break if there's a high volatility move.
Daily there's a triangle being formed. The blue line is the upper side of the triangle.
The green lines are my long entries and the red ones are my possible short entries that I will not take.
Flag pattern in a bullish uptrend has a higher probability to continue its trend than to reverse.

If you have any thoughts on this, let me know!

Comments

chart is messy, I think this is going bearish but we'll see I might be wrong
+1 Reply
@Andyy, Chart is indeed a bit messy. A flag normally is a sign of continuation but less probable than triangles. The triangle has a bigger change of breakout bearish but it's still in the flag which could turn out bullish (most probable scenario as seen statistically.)
Reply
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