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EURNOK Flat Camel Pattern and Trendline Breakout

EURNOK Flat Camel Pattern and Trendline Breakout

EURNOK pair completed a flat camel pattern and we plan to short the pair at the breakout of the trendline.

Our Trade Setup:

Pattern /Reason: Flat Camel Pattern and Trendline Breakout

Time Frame: H1

Accuracy of the Pattern: 89%

Setup No: EUNO081401

Recommended Lot: 0.20

Trade Period: Intraday/Medium Term

Active/Pending: Active

Trade: Short

Entry: 9.97500

Stop Loss: 10.020

TP1: 9.91000 / Reached

TP2: 9.89000

TP 3: 9.87900

TP4: 9.84100

Divergence/ Convergence Confirmation: Not Yet – Will be updated.

Candle Pattern Confirmation: Not Yet – Will be updated.

Moving Average Confirmation: EMA50 Breakout H4

The trend of the Timeframe: Bullish

The trend in the Daily Chart: Neutral

Notes:

  • You can add short at 9.94000 where the bearish Flat Camel Pattern has been confirmed

Update:

Price reached TP1. Breakout of the 0.90300 will send the price TP2 and TP3. Bullish Three Drives pattern at TP3 9.87900. The first level we will try to long it is 9.84100 where bullish crab pattern would be executed.

Flat Camel Pattern EURNOK

 


Warning and Things to Pay Attention:

  1. Harmonic Patterns are reversal patterns and mostly against the main trend on the chart they appear.
  2. Target levels are determined by MM Calculation as the pattern has not been completed yet. They may vary 3-5 pips according to the completion level of the predicted patterns.
  3. Pay attention to Time Frame, Trade Period and Estimated Completion Time, Accuracy and Recommended Lot Size clauses mentioned below.
  4. Do not risk more than 2% in one trade setup.
  5. We usually book partial profit at the first target and move our stop loss to entry or break-even level. Use your own risk/profit management to exit the trade.
  6. We are publishing potential opportunities. There are no certainties and traders bets on possibilities. Read the setup carefully before entering a trade and take your own decision.

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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility

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Ercu Kartas

Treasury Department Dealer Technical Analyst FX Trader

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