Lets finish this week with a nice classical trade pattern, the flag:
This pattern represent continuation of a trend therefore we need be all ready in a trend to keep it going. Think this is the case in this setup because we are in the second impulse into the up side movement.
Actually this is more interesting because the flag is formed at the point where the price should prove the strength to increase the rythm of the up side trend.
The risk reward level give us a nice chance to have an entrance with more security at the FIRST CLOSE ABOVE THE LAST HIGH but if you are more risk favour you can take the trade at the first clear close outside the flag boddy.
In the way to pay up this pattern we find only one important resistance at 1.0660 where i suggest to take the half of the trade or slide the stop loss from the original 1.0419 to the break even.
The most recomendable take profit will be at the 1.0847 resistance and not the whole projection for the flag at 1.0900
See you on monday!
Comments
AncientM
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Hey 7 pasos
I see an entry opportunity now on the 1 hour chart and for quick day (hour) trade....In fact I made some pips already. will see your flags on Monday
7pasos
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Ouch! consider this as closed. I wont close the post because im convinced by close the trades posts that got the suggested bandage affect in the criteria to gain or loose the suggested author bandage
fxtmess
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Thanks 7pasos
7pasos
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=)
fxtmess
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what about eurcad
7pasos
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Chances are for a retrace to 38.2% tomorrow will elaborate more on this
I see an entry opportunity now on the 1 hour chart and for quick day (hour) trade....In fact I made some pips already. will see your flags on Monday