IAmAgainst

Anyone else sees a bullish flag here?

FX:GBPJPY   British Pound/Japanese Yen
159 7 8
Looks like a textbook bullish flag, but what bothers me is that the execution of the flag would cause quite a strange figure in other correlated pairs, so I find it unlikely to complete.
Any opinion will be appreciated..
f1l1per. PRO
6 months ago
I would short it, with your dashed purple trend line as a target. Breakout of the upward line of this channel of this "flag" as a stop, and then, if stopped, would long it.
Reply
IAmAgainst f1l1per.
6 months ago
Thanks, yes, I shorted at around 162 and got exited following a potential head and shoulder, which failed to complete and then made this range that looks like a flag, so right know it's too confusing for me to decide what to do..
Reply
f1l1per. PRO IAmAgainst
6 months ago
Answering the question of the title, it is a flag, but determine the end of it would be hard. Since it was rejected by the top trend line of this flag, i would short, and watch for reversals at the base of the channel, and if the price to break this zone of support (base of the channel) would hope to it reach the dashed trendline. Certainly 160 its a support.

Good luck man
Reply
f1l1per. PRO f1l1per.
6 months ago
good luck, man
Reply
IAmAgainst f1l1per.
6 months ago
Yes, I see it the same way, although I don't like trading a breakout when it happens downwards in a descending range or upwards in a rising range because that tends to be a sign of euphoria that quickly reverts.. which would enforce the idea of buying in the dashed line.
Too bad market opens at 11 pm here and I can't stay up all night to follow it.. if it doesn't open with an insane gap (as this pair likes to do) shorting to the bottom of the range seems the safest choice.

Good luck!
Reply
Yahia.Awes
6 months ago
Well seen!
Reply
IAmAgainst Yahia.Awes
6 months ago
Thanks! Just reached TP of 162.5, which was previous high.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out