Confirmation of Bear Flag?? - EU
Updated
Here I have EUR/USD on the 4Hr Chart!
Since the LOW on Apr' 16th, Price has been traveling in what looks to be an Ascending Channel!
Price today was unable to make a NEW HIGH to give us another test of the Rising Resistance and instead gave us quite the drop out of the Ascending Channel!
With this break, I believe multiple confirmations are pointing to this price action being CONFIRMATION of PATTERN being a BEAR FLAG!!
-RSI BELOW 50
-Price working BELOW DSR
-Price BELOW 200 EMA
-3-Point Sell Check
Bear Flags are a strong continuation pattern typically giving investors the ability to foresee Selling Opportunities with Price giving a Strong Bearish Break of pattern, then to Test the Break of Pattern which is what I am currently waiting for!!
-Once the current LOW has finished forming, I want to see price retrace to the Break of Pattern being in the ( 1.069 - 1.07 ) range for potential Sell Entries!
*TP will be the Support Zone last visited in Oct. 2023 @ ( 1.0516 - 1.0462 )
*SL TBD
Since the LOW on Apr' 16th, Price has been traveling in what looks to be an Ascending Channel!
Price today was unable to make a NEW HIGH to give us another test of the Rising Resistance and instead gave us quite the drop out of the Ascending Channel!
With this break, I believe multiple confirmations are pointing to this price action being CONFIRMATION of PATTERN being a BEAR FLAG!!
-RSI BELOW 50
-Price working BELOW DSR
-Price BELOW 200 EMA
-3-Point Sell Check
Bear Flags are a strong continuation pattern typically giving investors the ability to foresee Selling Opportunities with Price giving a Strong Bearish Break of pattern, then to Test the Break of Pattern which is what I am currently waiting for!!
-Once the current LOW has finished forming, I want to see price retrace to the Break of Pattern being in the ( 1.069 - 1.07 ) range for potential Sell Entries!
*TP will be the Support Zone last visited in Oct. 2023 @ ( 1.0516 - 1.0462 )
*SL TBD
Comment
Price is on its way up! Today will be BIG fundamentally for USD:
-ADP Non-Farm Employment
-Manufacturing PMIs
-JOLTS
-Fund Rate w/ FOMC Statement after
Will we see 1.07?!?!
Trade active
Price came up to 1.069!!Entered a Sell Entry upon arrival.
SL @ 1.0710
Novi_FIbonacci
Telegram - t.me/+l3fTcsZu91ZiZDkx
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