EURUSD - Bullish Flag Pattern - Trend Continuation + MTFA
Updated
Hi Traders!
The market is in an Uptrend.
Let's begin our Multiple-Timeframe-Analysis with the Daily:
The market is clearly in a strong Uptrend.
We here have an ascending Parallel Channel.
The price is also respecting those other S&R Levels.
Great, here is the H4-Timeframe:
The market was moving in a consolidation.
Then it came back and is now retesting this break.
Here comes the important part!
Now we have to consider the behavior and the price action of the market during the Retest.
What is the market telling us?
For Example:
The market is breaking down and closes.
Then it comes back and closes even above the opening price of the previos candle.
(Bullish Engulfing Pattern)
This is a sign of Bullish Power, even it did break down at first.
Or what about that:
The market is making lower highs and comes to the Support.
You realizing that this could be a descending Triangle.
This is clear bearish Power, because the Traders are willing to sell at lower and lower prices.
Is everything understandable so far?
If not, write a comment below!
Finally, here is the Entry Timeframe:
Firstly we have drawn the Fibonacci Retracement Tool.
It was falling until the Level between the 50% and the 61.8% Retracement.
Then we drawed the channel from the retracement move.
We realized that this could be the Bullish Flag Pattern.
Even we have a save SL which is far away, the RTR-ration is 1 to 4!
And we're trading WITH the trend.
We recommend to be careful at the Resistance Level.
Thanks and successful Trading :)!
The market is in an Uptrend.
Let's begin our Multiple-Timeframe-Analysis with the Daily:
The market is clearly in a strong Uptrend.
We here have an ascending Parallel Channel.
The price is also respecting those other S&R Levels.
Great, here is the H4-Timeframe:
The market was moving in a consolidation.
Then it came back and is now retesting this break.
Here comes the important part!
Now we have to consider the behavior and the price action of the market during the Retest.
What is the market telling us?
For Example:
The market is breaking down and closes.
Then it comes back and closes even above the opening price of the previos candle.
(Bullish Engulfing Pattern)
This is a sign of Bullish Power, even it did break down at first.
Or what about that:
The market is making lower highs and comes to the Support.
You realizing that this could be a descending Triangle.
This is clear bearish Power, because the Traders are willing to sell at lower and lower prices.
Is everything understandable so far?
If not, write a comment below!
Finally, here is the Entry Timeframe:
Firstly we have drawn the Fibonacci Retracement Tool.
It was falling until the Level between the 50% and the 61.8% Retracement.
Then we drawed the channel from the retracement move.
We realized that this could be the Bullish Flag Pattern.
Even we have a save SL which is far away, the RTR-ration is 1 to 4!
And we're trading WITH the trend.
We recommend to be careful at the Resistance Level.
Thanks and successful Trading :)!
Note
And here is the RED BOX for you:Note
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