From the daily chart, we noticed that a Bearish Hanging Man formed at the channel resistance of a descending equidistant channel two days ago. The formation is completed and confirmed when a Bearish Tailed Bar formed just after the Bearish Hanging Man. We looking for a chance to short the pair to trade with the direction of the equidistant channel. Once the sell is trigger, we would set our target at the latest horizontal support which is around 1.07.
Comments
peter.kralmail
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Nice explanation of your analysis. Your equidistant channel is flag formation. Flag is continual formation for ot the previous momentum. In this case for long entry. I would prefer to buy this pair, then short it. But that is my point of view