a pole flag gives us a target of .78400 and .50 fib confluence. the degree of the move gives a clue that its a correction move
of a longer term down trend. an ABC correction /bear flag. Watch price action at the pole completion or .50 fib for signs of a continuation move down. For now tho. a break out hook and go of the smaller pole flag pattern on the 10 min chart triggers me long with the .50 fib as the potential target. The .764 fib and resistance confluence level is a strong barrier and could reverse us there. move your stops tight at that level we could bounce back to the .618..remember pullbacks are your friends and can offer another
point to add to your position. let price action and probable targets determine your risk and reward.
of a longer term down trend. an ABC correction /bear flag. Watch price action at the pole completion or .50 fib for signs of a continuation move down. For now tho. a break out hook and go of the smaller pole flag pattern on the 10 min chart triggers me long with the .50 fib as the potential target. The .764 fib and resistance confluence level is a strong barrier and could reverse us there. move your stops tight at that level we could bounce back to the .618..remember pullbacks are your friends and can offer another
point to add to your position. let price action and probable targets determine your risk and reward.
Komen:
All Pole Flag Targets are reached
The H1 TF is showing us a wedge pattern with divergence. Suggesting the end is near
The H1 TF is showing us a wedge pattern with divergence. Suggesting the end is near
Tighten your stops..This area is also a square up area where the boys could be dumping some longs they were caught with earlier.