I am short when (if) it touches the top line of the FLAG, and with a tight stop too. I also believe it will break out through the bottom of the flag and go as far as the two red candles leading into the FLAG.
Good luck! Have you ever studied the FlagPole trade? This one is a perfect setup for it, and they are highly profitable and reliable too. I have hit 90% + of them.
theoris
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@Melchizedek, Thank for your comment
I think like you with Flagpole but on that day I think GBP will bullish and can break out :(
but I fall and break now .
Do you have any recommend links or resourse about Falgpole ?
That's a class act outfit too; ProAct Traders. Highly rated. Seems their students win every Forex competition. As for what you think and what I think; that is one of the hardest obstacles to overcome to become a successful and consistent winner; BIAS. Frankly; it doesn't matter what anyone thinks; it only matters what the CHART SAYS. So learning to Hear what price over time is SPEAKING without any personal BIAS is a real growth challenge. As soon as I think THINK I know something, I get bit in the arse! Then I remember to eliminate bias, stop projecting what I think onto a chart, and just LISTEN to what the charts are saying.
If you search youtube for videos on flag trades or pole trades you should get a list too. The one I listed is pretty darn accurate, and some people make a living just trading flags! In fact I think ProAct has a service where flags are auto identified in real time on all charts. As highly reliable and profitable as they are, that often ends up my fallback trade when I have a run of "I don't know why I'm losing trades". Know what I mean? Heh heh heh, just trying to take care of the family; trading. Good luck brother trader!
Good luck! Have you ever studied the FlagPole trade? This one is a perfect setup for it, and they are highly profitable and reliable too. I have hit 90% + of them.