judderod
Short

USDCAD forming a larger flag

FX:USDCAD   U.S. Dollar/Canadian Dollar
107 0 6
When a price breaks out of a flag, one way to check if the break is impulsive is to see if it remains contained by parallel lines (another, smaller flag). In this case the pink flag was broken, but on the 15m chart we can see the blue lines are parallel. Price did not break from the lower side of the blue flag. No impulse, no entry. A larger flag is forming in green, and I will await another break followed by impulse price action             .
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