AUDUSD - High and Tight Flagpole Pattern

The infamous high and tight flagpole pattern, Bulkowski's number one rated performing chart pattern. Appears on 4 hour chart. I also would suggest trading off of this chart for a longer swing style trade. Follows all the rules so far to a perfect HTFP; roughly 45 degree A to B impulse leg, tight downward sloping flag, B to C leg (or the flag itself) hasn't retraced to 36% yet, and the pattern has formed after a long downtrend.

BUY: only if the price breaks the highest high of the flag pole pattern
SELL: only if the price forms a bullish engulfing candle on the bottom trendline showing a breakout to the downside

Commento:

Will close off my position if this hourly candle closes lower than the previous. Third attempt trying to break .76259, au could climb higher but i'm going to take profits as it looks to be consolidating in between these two major fib zones.