We have a potential Bear Flag in the making on the H4 chart here.
We are looking for a break of the lower trend line of the channel with a sustained move below 1.14000. Confirmation could come via an Engulfing Bear Candle on the Daily chart.
Looking for a SHORT move of 160+ pips if we get that break (based on the measurement of the previous move - i.e. the flag pole) with 3 Take Profits targets.
This set-up would be invalid with a sustained break above the upper trend line of the flag.
Risk reward would sit around 1:1.5 or 2
We are looking for a break of the lower trend line of the channel with a sustained move below 1.14000. Confirmation could come via an Engulfing Bear Candle on the Daily chart.
Looking for a SHORT move of 160+ pips if we get that break (based on the measurement of the previous move - i.e. the flag pole) with 3 Take Profits targets.
This set-up would be invalid with a sustained break above the upper trend line of the flag.
Risk reward would sit around 1:1.5 or 2