Preparation for Flag-Trade shortterm flag trade: entry 124,55 / Initial SL: 123,85 / TP: 125,5-125,7
middleterm flag trade: entry 124,55 / Initial SL: 122,75 / TP: 129
Pair with Y€$ - the widge got triggered and bought! This pushed the pair to its last high @ 124.42. From reaching this high a chealthy consolidation started, the pullback stopped @ 38,2 fibo - the minimal correction level!
This consolidation is forming a (blue). The buying signal is active when the pair is traded above 123,9 / 124,45. I see potential on the upside.
On the downside, the level between 200& 200 should be a strong support.
Prices below this level will turn the chart into (middleterm)
Will the support @121,5 hold and the be triggered? Will the support @ 121,5 hold and the be triggered and bought?
If yes, then the shortterm target @ the upper side will be the upper edge of the longterm uptrend @ 129,5.
If the strong support @ 121,5 does not hold, a fast drop till target @ EMA200 @ 118 could appear.
Below the 200 a drop till the longtermtrend @ 113,6 could be exspected.
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Introduction into 1-2-3 Trading Pattern
The (psychological) origin of a flag