Flags, Pennants - my interpretation

This is a discussion on Flags, Pennants - my interpretation within the Trading Journals forums, part of the Reception category; Originally Posted by rsd886647 I'm now long. unlucky man, it was a harsh day for this trade! https://www.marketwatch.com/story/us...ump-2018-04-02...

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Old Apr 2, 2018, 9:43pm   #16
Joined Oct 2015
Quote:
Originally Posted by rsd886647 View Post
I'm now long.
unlucky man, it was a harsh day for this trade!

https://www.marketwatch.com/story/us...ump-2018-04-02
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Old Apr 3, 2018, 12:51am   #17
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1R loss

rsd886647 started this thread I took a hit!

I have amended my plan because I normally like to see 2 months of selling pressure before a bull flag signal forms (after one month + of buying/consolidation). This was part of my original plan and I moved away from it, but I think it's an important element. There was not this selling prior to the Brent Crude Oil flag trade. That doesn't mean it will always work, but it's now definitely part of my trading plan going forward.

I'll show what I mean below:
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Old Apr 3, 2018, 1:15am   #18
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A signal - Triangle (NZDUSD)

rsd886647 started this thread I've recently learned about triangles so I'm putting into practice some of that. I'm developing my plan as I go, so the ride could be a bit bumpy.
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Old Apr 3, 2018, 1:48am   #19
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Take profit target - NZDUSD

rsd886647 started this thread I'm probably posting stuff people already know, but it reinforces my learning.
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Old Apr 3, 2018, 8:07am   #20
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rsd886647 started this thread I should have had a sell stop a bit lower down on the nzdusd trade, wait for the breakout to be significant, instead I've got caught on the wrong side of the market again. I will keep my position open and hope for price to drop in the coming days.
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Old Apr 3, 2018, 9:03am   #21
 
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Originally Posted by rsd886647 View Post
I should have had a sell stop a bit lower down on the nzdusd trade, wait for the breakout to be significant, instead I've got caught on the wrong side of the market again. I will keep my position open and hope for price to drop in the coming days.
...and if it goes further against you?
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Old Apr 3, 2018, 1:13pm   #22
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rsd886647 started this thread
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...and if it goes further against you?
Hi,

I exited for a .5R loss.

I will now keep to my bread and butter bull/bear flag signals or wedges which indicate continuation of the trend.

I still have my bund trade open, nearly 2R up on that.

I started this endeavour with a small trading account. I had enough money for 15 trades. I've taken a few losses now.

I will step back and refocus.
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Old Apr 3, 2018, 1:56pm   #23
 
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Originally Posted by rsd886647 View Post
Hi,

I exited for a .5R loss.

I will now keep to my bread and butter bull/bear flag signals or wedges which indicate continuation of the trend.

I still have my bund trade open, nearly 2R up on that.

I started this endeavour with a small trading account. I had enough money for 15 trades. I've taken a few losses now.

I will step back and refocus.
Well done for taking the loss . Hanging on in hope - when the rationale for your trade has disappeared - is an account destroyer.
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Old Apr 3, 2018, 3:57pm   #24
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rsd886647 started this thread Thanks Barjon.

You helped in the process

I have exited my Bund trade manually for a bit under a 2R gain. The MacD is looking like it is turning over and I feel it's best to bank some profits.
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Old Apr 8, 2018, 10:30pm   #25
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USDJPY Bull flag

rsd886647 started this thread I have decided to simplify my rules and take bull flags that form after prolonged sell offs that are in the first or second wave of buying, and vice versa for bear flags.

I'm being quite aggressive with this usdjpy trade then as a possible trend reversal unfolds. If we look at a line chart we can see how there is a higher high, then a lower high then another higher high, although this is not clear in a candlestick chart. This was a technique I was recently made aware of and I'm interested to see if it is valid in practice.

I'm long on this bull flag in any case.
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Old Apr 9, 2018, 5:30pm   #26
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USDCHF - 4 hour bear flag

rsd886647 started this thread I'm short on this, aiming for 2R.
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Old Apr 9, 2018, 6:12pm   #27
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GBPUSD - 4 hour bull flag

rsd886647 started this thread I'm long on this bull flag, take profit target shown.
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Old Apr 11, 2018, 5:46pm   #28
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West Texas Oil - caught off guard

rsd886647 started this thread I anticipated a flag forming here on this chart, but not one that pulled back so deeply so I had turned my attention elsewhere over the last few days. I looked back at this chart and saw that a great flag had triggered, alas I am not in this trade.

This is a lesson learned, flags can pull back quite severely.
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Old Apr 11, 2018, 5:50pm   #29
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rsd886647 started this thread My definition of a pole is now at least 4 consecutive bars of ideally the same colour, will generally not accept more than one bar being of the other colour.

I have dabbled with one hour and four hour charts as I have some spare time atm, but will try to focus on daily charts from now on.
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Old Apr 11, 2018, 6:38pm   #30
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West Texas Oil 1:1 trade

rsd886647 started this thread It is technically okay to enter on the high of the pole, the rewards are much reduced however. One might argue that I am chasing the market, but it is a valid entry point and it is thus far a winning signal so I have decided to try this out with this west texas oil trade. The pattern has shown itself to be valid so it is just a case of whether price can follow through to a greater extent. I'm shooting for a 1R gain.
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