Flag and High Tight flag are my most favorite patterns when it comes to price action. Have you ever known true love in your life. If yes then you will feel the same way when you start trading this pattern. Its an absolute fantastic chart pattern with an avg return of 89%.
Trend
A flag pattern is a bullish continuation pattern which forms after a big bullish rally and vice versa in Bearish Movement of market.
This pattern is highly successful and has given traders a chance to mint a great amount of profits.
identifying a Bull Flag Pattern
- After a bullish movement price gets consolidated between two steep trendlines.
- Volume tends slope down since the formation of pattern. Refer chart for clarification on how volume goes down.
- It acts as a rest station for a trending stock. flags generally form at the middle of the move. once the stock breaks flag pattern it is ready to almost double up.
breakout identification
- A breakout occurs when candle closes above the trendline.
- Tall and wide Patterns are more reliable than Short and narrow patterns.
- Always wait for a breakout before placing a trade.
- Flags with dome shaped volume also give great results.
Examples of Bull flag pattern
Target and Stoploss
Calculate price from patterns low to Flags high the total is your target price.
A safe stop loss is placed below the flags low.
BASIC CHART PATTERNS
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