Euro / NZD - Long Flat pattern continuation

FLAG pattern, pulled back to 50% of the pole, wait for a breakout from the flat, pullback and hold, with the second pullback, then it should rocket away with strength to the full length of the flag pole, and up to recent highs.

Flags are continuation pattern, we are in an uptrend, flags can still fail, wait for the breakout and confirmation before entering the trade.

Comment:

The trade is breaking out to the upside of the pattern, patience, wait for a two legged pullback to confirm the bulls have it.

Comment:

First pull back held, wait for the second

Comment:

This is why we wait for confirmation, the second pull back failed, the bears shot straight through structure.

uk.tradingview.com/chart/H9VZvvEZ/

Comment:

There is potential now to take the downside trade, wait for a pull back to structure and if it confirms to the downside, a rejection of the highs, sell.

Comment:

Lots of weakness in both pairs, but NZD is holding strong after positive news yesterday evening.

Comment:

We have a pullback, who will take control, be prepared for both opportunities

Comment:

The bears are in control, we've broken through the moving average, wait for the second push down and pull back to hold and we're then a bear. Patience.

Comment:

Plenty of rejection of the highs, we need a push down to confirm the bears have it with strength before risking our hard earned cash

uk.tradingview.com/chart/H9VZvvEZ/

Comment:

Bulls had a real push at the highs and get rejected by the bears. Exciting stuff

Comment:

We're now squashed into the upper corner of the flag, we're going to break the trend line to the downside, as soon as we pass the moving average, SELL, target at 1.7 to the bottom of the flag pole, but be aware you may only get to the bottom of the flag itself.

Trade active:

SELL TRADE ACTIVE, Broken the trend line, jumped the gun a little, should of waited for a break below the moving average

Comment:

And that's why I need more patience... and a solid confirmation

Comment:

Now the third tough of the flag pattern upper structure, if we move any further down the fib levels, after 50% it's invalidated.

Comment:

Third rejection of the edge of our now descending channel. I was still too early on the entry, waiting for the bears to push the trade to the downside and break through previous support at 1.71. US market open will let us know what's going to happen.

NZD is giving the Swiss Frank some hard work as well, showing it has some strength, which is beneficial for this now SHORT TRADE, it's poked it's nose through 1.71

Trade closed: stop reached:

Short trade stopped out.

Trade active:

Original plan worked, entered a trade at 1.7105. Target at 1.72

Comment:

Another flag has formed on the 1H timeframe, confirming a potential continuation, watch for a signal to enter the pullback if you missed it.

Comment:

This is turning into a beautiful trade, rocketing up towards the target.

Trade closed: target reached:

Left 5% to run free, superb trade.