Flag pattern on USDCHF
Updated
Hey guys,
this analysis may come too late but i want to share it anyway for i think it could be educational. On this pair price has recently created lower low, both on the 4HR chart and in the daily. Being the case, i'm expecting a bearish continuation. After a big impulse leg as in this chart we usually see brief form of consolidation like flags and triangles.
Here we can see a nice flag pattern that has been broken to the downside.
Price has already pulled back giving traders a chance to hop on the trend in a better position.
I'm always conservative therefore i want to set my first target at the retest of the lows, just in case i'm wrong.
The levels above are my entry, stop and target levels.
If you have any question, don't hesitate to ask.
Otherwise, see you in the next chart!
this analysis may come too late but i want to share it anyway for i think it could be educational. On this pair price has recently created lower low, both on the 4HR chart and in the daily. Being the case, i'm expecting a bearish continuation. After a big impulse leg as in this chart we usually see brief form of consolidation like flags and triangles.
Here we can see a nice flag pattern that has been broken to the downside.
Price has already pulled back giving traders a chance to hop on the trend in a better position.
I'm always conservative therefore i want to set my first target at the retest of the lows, just in case i'm wrong.
The levels above are my entry, stop and target levels.
If you have any question, don't hesitate to ask.
Otherwise, see you in the next chart!
Trade active
Target1 and Stop placed as above!Trade closed: stop reached
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