EURUSD made a move down in the Asia Session and is now setting up a bear flag. I will only trade this to the downside. I will need to wait for a Break & Close out of the Flag before selling. Target #1 is the measure move of the flag's channel (Yellow Line). Target #2 is up to you. I use the next major Fib level for my Target #2's but some people like to use the length of the flag pole (Blue Line), it's whatever your Trading Plan says. Stops will go 1 ATR above Breakdown Bar.
Comment:
Target #1 Hit.. Seeing a bounce off of 1.06 even handle.. No surprise there.
Trade closed: target reached:
Trade was Closed yesterday guys.. Target #1 was hit and the 2nd half of my position was stopped out at Breakeven.