For all pennant followers, take a look at the one day GBP / US beginning last February.... a perfect flag has formed indicating todays price 1.8490 is at high, and should fall to maybe below 1.7900.
Most interesting! I see exactly what you mean. (I think maybe you've drawn your line through the tips of the wicks or the tops of the bars rather than the body of the candle like mine? But not much different anyway). Surely can't really be true, though???
Tip of the wick or top of the body, gives pretty much the same result. Too good to be true ? time will tell. Flags and pendants have been great 'indicators' in the past and there is no reason why perfect formation should let us down now. Certainly worth keeping an eye on this one.
Yes indeed ... will watch with great interest. I had sort of been imagining that the election result was going to be bad for the dollar, but time and time again my assessment of "fundamentals" gets laughed at by charts.
Originally posted by kaytee For all pennant followers, take a look at the one day GBP / US beginning last February.... a perfect flag has formed indicating todays price 1.8490 is at high, and should fall to maybe below 1.7900.
Yes it could be.. but don't forget there is also this possibility..
agreed.... am short from 1.8380, and keeping a close eye on it. It makes sense for the dollar to drop, and this would bust the pennant, but for the moment my money is against the logic and with the 'flag'. glgt
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