EURTRY Bull Flag
Updated
Looks like a very decent and stable bull flag here, so it is worth the risk. I am going to get in with half a size here and increase it to a normal size if we get a break out.
Note
We had a good break up after i posted the analysis and at the moment it looks like a retest of former resistance. On the left we can see a potential inverse H&S, but it is clear to see that neckline is very big resistance zone. So bulls need to hold on to their momentum the next 24 hours or so. Otherwise it will probably fail. if we do see a strong move, i will close half the position at the original target and i will probably keep the rest for the target of the inverse H&S which is much higher. It will all depend on the conviction of the move up.That is why i have moved the stop higher, close to the entry level to keep the risk at a very low point.
Note
It looked very good at the start, now it seems like it has been turned into a bigger bear flag. It's at least a range now. The stop is still close to the entry level. So still having a decent chance but if it fails almost a BE trade.Note
Crap, i said bear flag, i mean bull flag :)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.