CME:SP1!   S&P 500 Futures
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+3 Reply
Thanks - good stuff.
I have a question though. When do you know the flag/pennant is completed. Many times I feel the flag is complete and I enter a trade only to find out it is forming a bigger flag. Are there any specific rules which confirm the flag/pennant is complete and it is now safe to enter the trade. Do you wait for the breaking candle to complete or do you enter while it is breaking the flag?
Thanks for your help.
+2 Reply
@jorv2074, it would help better to recognize the type of structure so that you can get in at the very bottom (if bullish flag) but if not, then a safer way is to wait for the flag break-out and then get in at the next local retracement, hope it helps, cheers.
+1 Reply
jorv2074 Lionheart-EWA
@Libeloo24, Thanks!
+1 Reply
Box1515 jorv2074
@jorv2074, it's better to wait for the candle to close outside the pattern for confirmation, but there are times when things move so fast that that by the time the candle closes significant movement might have already been made. Always keep in mind these patterns should not be used as your sole basis for entering/exit a trade and also that we're just playing probabilities here. The pattern and a half dozen indicators could be pointing up and there's still a chance you could go down.
Hello friend, what about placing the stop loss on a moving average or fibonacci retracement?
+2 Reply
wiking silverzzz
@silverzzz, Fibo is always a good idea.
+1 Reply
Great Job !
+2 Reply
+1 Reply
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