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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Agree 100%. Bear in mind, one of those flags will the last one in this trend
Thank you very much! Confirmed my own thinking-
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
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?
mm, i wasn't trying to forecast with this chart buddy
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
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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