One more try.
I shrunk down the size of the chart.
It worked this time.
GBPUSD has entered a stage 4 downtrend per Stan Weinstein in his excellent book "Secrets for Profiting in Bull or Bear Markets.
Here is what a well known newsletter writer named Mike Swanson has to say about Mr. Weinstein from his website:
He addresses the 4 stages of the market part from the book which I believe is a must to understand especially these days.
http://wallstreetwindow.com/weinstein.h ... SAodajansQ
I would check out the book from your local library if you get a chance.
FD1
Strategy Based On Chart Pattern
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- michal.kreslik
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I noticed that there is an article in this months Active Trader magazine that calls the upstair pattern a flag pattern.
I guess that is the closest description for it.
The guy who wrote the article says that a breakout from the
flag pattern is successful 85% of the time.
I posted a GBPUSD trade on the randomness thread yesterday.
The GBPUSD trade from yesterday hit the target of 1.8470 and now
it has a bear flag and a bull flag within 10 pips of each other on the 10 minute chart.
GBPUSD will go back and forth between the two flags until either the
buyers or the sellers are absorbed.
Then it will move vertical again, to the next area of buyers or sellers.
The Nasdaq just completed a bull flag breakout.
I will post a screen shot of the 60 minute chart showing it.
I guess that is the closest description for it.
The guy who wrote the article says that a breakout from the
flag pattern is successful 85% of the time.
I posted a GBPUSD trade on the randomness thread yesterday.
The GBPUSD trade from yesterday hit the target of 1.8470 and now
it has a bear flag and a bull flag within 10 pips of each other on the 10 minute chart.
GBPUSD will go back and forth between the two flags until either the
buyers or the sellers are absorbed.
Then it will move vertical again, to the next area of buyers or sellers.
The Nasdaq just completed a bull flag breakout.
I will post a screen shot of the 60 minute chart showing it.
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