Hi guys, i do not usually share this kind of setup but i've thought it could be helpful to some of you. On this chart you can see a flag pattern that's been setting up on the hourly timeframe. This happened after that a support was broken by price action, creating the conditions of a downtrend: we cuold, as usual, wait to see price coming up to retest our broken support, and that would perfectly make sense. But sometimes te mrket won't allow you to hop on the trend at such a high level, especially when there's a strong trend estabilished. In this case my daily analysis tells me the next important support will come at 139.00, therefore i want to hop on the trend as soon as i can. A break and close below the lower trendline would give me the right signalto sell the first tiny retracement that the market will offer. Otherwise, a countinuation to the upside would put us in "freeze" mode till the reach of the former suppor. I'll keep you updated.
Stops above the recent highs, target1 at the most recent suppor level, target2 a 139.00.
If you have any question/idea, feel free to commet below. Otherwise, see you in the next chart!
Look on weekly timeframe, you have a nice bearish triangle. It's broken. 138,70 or 136 like targets
Roker1
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@yanis974, sorry but i do not take into consideration the weekly timeframe when operating on such lower timeframes. In fact, i'm not used to use it at all since i always trade on 4hr and 1hr timeframe. But thank you for your suggestion!