traded audsgd @ 830 for pending news release.
I believe news is driver of price and the result of news does not always have a direct correlation between strength of price. It merely moves them.
However, a prior consolidation/setup gives the bias before news
should I wish to place an early entry.
Looking at the h1 chart, there is already a classic bull flag consolidation pattern, but without the 1234 pattern that I have pattern. Nevertheless, it is the spirit of consolidation that matters. I postulate that the minor wave count within this consolidation does not matter much.
I have also been identifying and using w1 levels and have found them to be quite effective.
Therefore this w1 levels have become my TP points, which I regard as magnetic levels, in lieu of the bull flag, that price MUST reach them.
Should price eventually spike up, I would have taken profit and exited the trade, even if it might plunge back eventually, I would still have registered a winner.
I believe the concept was sound, the only letdown was i could not last till the TP level and decided to exit early before the candle closed. Nevertheless, a good learning experience for me.