Technician

Do Not Disparage The Simple Flag

FX:EURUSD   Euro / U.S. Dollar
2408 15 35
A quick look on the the four-hour chart for the EURUSD             , where price has drawn repetitive flag patterns, flag patterns are very powerful "Trend Following" formations. Shorting the market on the completion of each of the past 5 flags could have resulted in good profits.

Remember, flags always occur in strongly trending markets, and hints the continuation of the prevailing trend.

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Technician
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Agree 100%. Bear in mind, one of those flags will the last one in this trend
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Thank you very much! Confirmed my own thinking-
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The entire move looks like a larger ending diagonal, which would coincide with the topping dollar.. Swift move to the upside anticipated within the next few weeks
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Technician NickCoulby
Strong bullish divergence on the weekly and daily as well, we might see a deeper upside correction following this minor downside move.
+1 Reply
Not HS?
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mm, i wasn't trying to forecast with this chart buddy
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i think that it will test 1.249 one more time if ti can breaks this level target will be 1.26-1.256
because there is already a double bottom on 1.235
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Excellent!
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I couldn't agree more and not only :

I shorted the pair @ 1,2530 because
1. it reached uppertrendlines of both channels,
2. This happened @ 0,764 fib of previous swing (a favourite fib ratio to me because of RR)
3. Produced double top
4. The pair produced divergencies on 1H & 4H on the Stochastic (settings 14,3,3) &
5. Shorted @ the beginning of a large candle (supply zone) and which candle was at the beginning of the move

Targeting previous lows @ 1,2360. However since price action is not convincing to the downside so far, I am also trailing my SL (initially @ 1,2565
+1 Reply
alex.a Dimitris
Wow ~ I think you should post more chart ~ stating all these
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