as we can see a flag has been formed for a long entry provided that fib 38 is our range for a reversal, the previous low reversed on fib 38 as well, in general this pattern is similar to the historical 27/01/2017 performance we have to two ways to enter either by watching the candle patter at fib 38 for example a hanging man candle, or wait for the break out of the candle in the upper side above the flag
please remember this is my personal idea of analyzing this chart any trades is in your own risk, put stop loss and trade with care.
Hi @jtex555 , can you give us an update on your outlook for this pair?
Thanks in advance
jtex555
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@RJLee, bullish pattern is still valid provided that the flag have been broken up, this chart will be invalid if the 4 hr candel closed below 50 fib good luck
jtex555
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saalaah
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at what point will the bullish flag be invalid?
jtex555
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@saalaah, as stated in the chart closing below 50 fib which is 1187 or below bullish flag will be invalid