And trying to break through..
The upper trendline of the flag is R and lower is S.
When I measure I take the pole and using the magnet, I move it to the bottom trendline of the flag. We are all different and there are other ways to calculate targets for a flag.
If a flag goes on and on it can become too heavy for the pole and fall to the ground. This particular flag is looking like it needs to break on up or it will get too long as the pole is not super long..
Not a recommendation..
A bull flag is a continuation pattern so a bull flag needs an uptrend preceding it. You need a fairly quick run up preceding the flag as well. They tilt opposite of the prevailing trend. The pole does not need to 100% vertical, but the more vertical it is, the better it may perform at break out. A flag should be less than 3 weeks of price action in formation.
I do not trade pennants, but lots of day traders do. A pennant has trendlines that are not parallel and resemble a wedge pattern as the trendlines converge.
The upper trendline of the flag is R and lower is S.
When I measure I take the pole and using the magnet, I move it to the bottom trendline of the flag. We are all different and there are other ways to calculate targets for a flag.
If a flag goes on and on it can become too heavy for the pole and fall to the ground. This particular flag is looking like it needs to break on up or it will get too long as the pole is not super long..
Not a recommendation..
A bull flag is a continuation pattern so a bull flag needs an uptrend preceding it. You need a fairly quick run up preceding the flag as well. They tilt opposite of the prevailing trend. The pole does not need to 100% vertical, but the more vertical it is, the better it may perform at break out. A flag should be less than 3 weeks of price action in formation.
I do not trade pennants, but lots of day traders do. A pennant has trendlines that are not parallel and resemble a wedge pattern as the trendlines converge.
Comment:
Not sure what the sell off is about? Still inside of flag for now but deep pull back today