Begun looking in to and back testing Flag patterns. Here's one I spotted while doing my usual checks of the charts.
Bottom chart is the 1440 showing us that we're still in a downward trend and have been since the first half of 2019.
Top chart is the 240 showing an initial impulse legs or flag pole, with a nice retracement.
I'd be looking to go short once price breaks and closes below the bottom flag line.
Two options for Stops and Targets.
Let me know what you think, any tips for someone who's looking to incorporate Flags in to my trading?
Bottom chart is the 1440 showing us that we're still in a downward trend and have been since the first half of 2019.
Top chart is the 240 showing an initial impulse legs or flag pole, with a nice retracement.
I'd be looking to go short once price breaks and closes below the bottom flag line.
Two options for Stops and Targets.
- Option A - Stops one ATR above the highest wick in the patterns and targets as an equal measured move.
- Option B - Stops one ATR above the entry signal bar and targets at a re-test of the low.
Let me know what you think, any tips for someone who's looking to incorporate Flags in to my trading?