Hi guys,
lately you've been seeing me posting lots of flags but that's due to the big impulses we've had after the Fed release on Wednesday. So when we have such kind of markets (heavily trending) i like to seek for simple patterns in order to catch the trend.
As you can see above, on USDCAD looking left we have no structure stopping from price going lower, and therefore i want to get on board as soon as i can.
The flag pattern that you see here has been broken right now and you can either sell at the break and then put targets at the extension or wait for a retracement back to the trendline and then sell with a better risk to reward ratio and the possibility of playing it conservatively putting target1 at the retest of the lows, and target2 at the next structure level near 1,3220.
I'm taking the second one.
If you want to share your viewpoint or ask questions, feel free to comment below.
Otherwise, see you in the next chart!
lately you've been seeing me posting lots of flags but that's due to the big impulses we've had after the Fed release on Wednesday. So when we have such kind of markets (heavily trending) i like to seek for simple patterns in order to catch the trend.
As you can see above, on USDCAD looking left we have no structure stopping from price going lower, and therefore i want to get on board as soon as i can.
The flag pattern that you see here has been broken right now and you can either sell at the break and then put targets at the extension or wait for a retracement back to the trendline and then sell with a better risk to reward ratio and the possibility of playing it conservatively putting target1 at the retest of the lows, and target2 at the next structure level near 1,3220.
I'm taking the second one.
If you want to share your viewpoint or ask questions, feel free to comment below.
Otherwise, see you in the next chart!
Comment:
Entry postponed. Seems a false breakout.
Order cancelled:
Fortunately i always wait before putting the orders on, that's the other side of the coin of being aggressive and shorting at the break. You would have lost here.