@ForexThief, it can drop a little more this is why the buy order should always be slightly over the top of the little flag. If it does not break we are not in the trade. But ignore any short setup on low tf, the big surprise is on the upside not the downside. The short setup can vanish during a night. And i know by looking at your chart that you are not a newbie , and coming from me thats alot . But you should learn wave analysis to improve. Sorry i push the only way im able to make money in chaos.
@sevensphere, I don't like Wave theory, because it simply doesnt suit my trading strategy. Anyway I know a lot of traders who use it a lot and are profitable, So I don't have anything against. I'm just using more simplified strategy then u probably (as im looking at your charts). Anyway, if it's going to break upper trendlines with resistance, I'll be looking for some longs too. Good luck bro.