FX:USDCAD   U.S. Dollar/Canadian Dollar
26 3 1
I have never traded a flag pattern. Is this a correct flag pattern? how would you trade it?

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Hi. No. That is not a bullish flag or a flag at all. Here's what it looks like:
snapshot
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EverythingForex PRO EverythingForex
a year ago
Both are trend continuation patterns but flags have a higher probability of continuing the trend than pennants. Pennants are almost 50/50 that it can go either way. While you can trade flag patterns pretty reliably that they will go in the direction of the main trend, pennants are best if trading the breakouts. In fact, there are whole trading systems based solely on trading flags only. And combined with proper money management, they work quite well.

Hope that helps you. Good luck!
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rozela99 EverythingForex
a year ago
Thanks for the comments. Much appreciated.
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