Bearish Flag it is!!
Good Morning Dynamic Traders,
I hope you have had a successful start to your trading week.
Yesterday I spoke about the possibility that price could be in a bearish flag, which has been confirmed with price falling further. If you look at the 4hr chart below you will see that price had failed at the RN, which was also at the fib breather level. I have also marked on the chart below a S/R line. You will notice that this line is at another RN, and look at the effect this area is having on price.
This is not to say that price will reverse at this RN, but anything is possible!
What do you think will happen next? If price does continue to fall, how far will it drop? Or if price does decide to reverse what signs should we be looking out for?
I will answer these questions tomorrow to give you a chance to have a look first, and see if we come up with the same answers!
Happy Trading
Richard Monnery
I hope you have had a successful start to your trading week.
Yesterday I spoke about the possibility that price could be in a bearish flag, which has been confirmed with price falling further. If you look at the 4hr chart below you will see that price had failed at the RN, which was also at the fib breather level. I have also marked on the chart below a S/R line. You will notice that this line is at another RN, and look at the effect this area is having on price.
This is not to say that price will reverse at this RN, but anything is possible!
What do you think will happen next? If price does continue to fall, how far will it drop? Or if price does decide to reverse what signs should we be looking out for?
I will answer these questions tomorrow to give you a chance to have a look first, and see if we come up with the same answers!
Happy Trading
Richard Monnery
Labels: CHF
posted by Richard Monnery @ 11:36
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