Bullish Flag Pattern

Bullish Flag Pattern

USDJPY | 2012/10/24 | 13 pips

Description: Flag patterns are continuation patterns that are characterized by parallel support and resistance lines that consolidate against the preceding trend (or flagpole), and then continue in the direction of the flag pole. Here we can see a bullish flag pattern where we got long on a resistance break. (ref# 938)

Wednesday, October 24th 2012 @ 6:56 UTC - Trade Setup: More evidence is needed, but we will trade either direction today - short on a support break or long on a resistance break with targets at 60 pips and SL at 35 pips.

Thursday, October 25th 2012 @ 10:33 UTC - Result: 13 pips A resistance break occurred early this morning to trigger our long at 80.00, which is currently open and 13 pips in the profit.

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