Forex Flags

Posted on Wednesday, February 24th, 2010 at 5:46 pm.

Dr. Blythe here,

There have been some really nice flag formations forming on the EURUSD and the USDCHF pairs. Look for breakouts on those pairs. Now remember that these currencies have been in the over bought and over sold situations for some time now so that could have an effect. Learning these trend line formations can be an important step so watch for the different formations that we talk about such as, wedges, ascending and descending triangles, channels and flags (also know as pendants or arrows). These pairs are due for the retracements so watch for that move back the daily gaps. Happy Trading.