Yesterday I shared an idea on the GBPUSD talking about a potential move higher to the $1.31-$1.32 levels and there being 2 ways to attack that type of trade.
1) The pullback trade which was featured in yesterday's post and 2) A breakout trade which I'm featuring today.
Currently price action has come off of a high momentum Bullish move and is now in a period of short-term sideways consolidation. This particular pattern formation is called a Bullish Flag pattern and the prediction is that we will see a continued move higher from it. Essentially the market is has made a big move, and is taking a break before the continuation of that move.
Aside from the high and tight flag, breakout patterns don't necessarily offer the highest win percentage. But if you're like me, meaning you can care less about win percentage, you'll notice that the risk reward is often in your favor with these types of moves.
Akil
Excited for some College Football this weekend! and USA v. Brasil competing up the street from me!
1) The pullback trade which was featured in yesterday's post and 2) A breakout trade which I'm featuring today.
Currently price action has come off of a high momentum Bullish move and is now in a period of short-term sideways consolidation. This particular pattern formation is called a Bullish Flag pattern and the prediction is that we will see a continued move higher from it. Essentially the market is has made a big move, and is taking a break before the continuation of that move.
Aside from the high and tight flag, breakout patterns don't necessarily offer the highest win percentage. But if you're like me, meaning you can care less about win percentage, you'll notice that the risk reward is often in your favor with these types of moves.
Akil
Excited for some College Football this weekend! and USA v. Brasil competing up the street from me!
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