ProfitPotential

USDJPY flag formation - Prepare to go long

FX:USDJPY   U.S. Dollar/Japanese Yen
1339 24 12
The currency pair seems to be creating a flag formation . This is usually a continuation pattern and we should expect a resumption to the upside.
Been looking@this formation for a couple days now so I would hope for it to go up. But with the FOMC news, who knows:)
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Hopefully this will act like a catalyst to drive the price higher.
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TradZ ProfitPotential
agree:)
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Congratulations! Your chart has been selected to be highlighted as the post of the day. This is a great example of a developing flag pattern.
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Comment removed
The news was not ignored. I took the trade to position myself ahead of it, hoping that the two major news announcements would act as the catalyst to drive the price higher (potentially up to 400 pips higher). It didnt work out however that does not necessarily mean a losing trade either.
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price is not only about flags, it's also about monetary decisions :)
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As you can see in the head took all the chatter on the upward movement . We counted all the traffic up and here a surprise as the oil
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ProfitPotential KrzysztofStanislawski
Even though the probability of this outcome was very low, account for the unexpected.
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:))
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Hi there :)
That C&H formation you drew wasn't valid.
I was wondering about the reason why you think this pattern has failed ...
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Hi, I drew a flag pattern - which has clearly failed.
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Maddie ProfitPotential
Yeah, i know. It looked more like an C&H to me but ok.
Why did it fail? any fundamentals or something?
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Its a good question. The bank of Japan had a meeting and decided to leave monetary policy unchanged. We see how the market reacted to that. Extreme JPY strength as a result here is an anomoly in my opinion. Anomolies do happen.
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Maddie ProfitPotential
Okie thanks :)
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Longing form here btw :)
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Nice longing! An harmonic pattens is forming now.
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Maddie Victor.Y.F
yup, a very pretty one !!
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Nice longing! An harmonic pattern is forming.
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Tip of the day: how to make money with forex. Check the "chart of the day", do the opposite of what you see, make money!
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marcus123 RamaDeda
as most retail traders fail to make any more and get caught the wrong side of price action, you could well make money by not following the majority of traders
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Hey, thx for your nice Illustration..flags are my favorite trading Patterns..for further Information please have a look at https://www.tradingview.com/chart/GG2%2521/UUCKiKfF-The-psychological-origin-of-a-flag/
snapshot
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hehehe :))
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thx for sharing yout thoughts.....this is my shortterm view...
Rebound ? Bottom x 4  or dead cat bounce?
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The Pair has reached an interesting trading Niveau.

1. You can try to catch the Rebound of the Little intraday selloff, with entry at the actual Level, TP1 (38,2 fibo) / TP2 (0,5 fibo) / TP3 last high @ 111,8
2. Stoppsell below the Bottomx4 with TP @ 105 and SL 108
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Maddie MaryJane
Ok this is kinda spammy
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