EURGBP 4HR Bull Flag + Golden Pocket Retrace
Forming on the EURGBP 4HR chart we have multiple bullish signals.
Depending on your perspective we are in a fair size bull flag, or we are in a descending channel that has reached 61.8% retrace almost exactly.
I will be charting the flag option.
We have a tight flag formation, coupled with the fib retrace, and a proper downward sloping flag, all good signs for performance. Our textbook says our chances of successfully reaching the FULL target are only around 46%, however with these good signs in our favor I will be pushing it slightly to 50%.
The pattern expects a move of about 0.04130, multiplied by 50% or 0.50 to get our target.
Entry: after a bar fully closes beyond the flag top with convincing volume, or after a full bar has opened and closed beyond (full confirmation)
TP: Approximately 0.02065 from breakpoint.
SL: Previous swing low, currently at 0.090067
Expected R/R: ~2.5-2.9 depending on breakpoint
Pattern information: thepatternsite.com/flags.html
Depending on your perspective we are in a fair size bull flag, or we are in a descending channel that has reached 61.8% retrace almost exactly.
I will be charting the flag option.
We have a tight flag formation, coupled with the fib retrace, and a proper downward sloping flag, all good signs for performance. Our textbook says our chances of successfully reaching the FULL target are only around 46%, however with these good signs in our favor I will be pushing it slightly to 50%.
The pattern expects a move of about 0.04130, multiplied by 50% or 0.50 to get our target.
Entry: after a bar fully closes beyond the flag top with convincing volume, or after a full bar has opened and closed beyond (full confirmation)
TP: Approximately 0.02065 from breakpoint.
SL: Previous swing low, currently at 0.090067
Expected R/R: ~2.5-2.9 depending on breakpoint
Pattern information: thepatternsite.com/flags.html
Trade active:
Entry: approximately 0.9108
Trade closed: stop reached