Flags, Pennants - my interpretation

This is a discussion on Flags, Pennants - my interpretation within the Trading Journals forums, part of the Reception category; Hello, I'd like to post my strategy, which utilises flags and pennants, although I have probably bent the rules a ...

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Old Mar 29, 2018, 10:32am   #1
Joined Mar 2009
Flags, Pennants - my interpretation

Hello,

I'd like to post my strategy, which utilises flags and pennants, although I have probably bent the rules a little and so would like some feedback on whether what I am doing is valid. Thanks.

In this first trade, price was in an uptrend, a new high formed, then price pulled back in a flag-type formation (a pole was in evidence). I like it when price action accompanies these signals and here we had a small pin bar at the end of the retracement. Buying the breakout of resistance would prove to be a good move.

Rob
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Thanks! The following members like this post: tomorton
Old Mar 29, 2018, 10:45am   #2
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Bund bull flag

rsd886647 started this thread In another example of a bull flag (my interpretation), on the German Bund chart, we can see perhaps the start of an uptrend, there must be at least one month's of buying for me to consider a signal.

Would appreciate your feedback.
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Old Mar 29, 2018, 10:52am   #3
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Nzdusd pennant

rsd886647 started this thread Another example, this time of a pennant.
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Old Mar 29, 2018, 11:21am   #4
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Bear flag - usdchf

rsd886647 started this thread And just to complete the set, a bear flag. Would like to hear any comments you wish to make. Thanks.
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Old Mar 29, 2018, 11:33pm   #5
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Cool... but i think these are also simply examples of nicely trending periods where jumping in on a pullback was always going to be sweet if you followed a sound plan
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Old Mar 30, 2018, 2:30pm   #6
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Originally Posted by Kaeso View Post
Cool... but i think these are also simply examples of nicely trending periods where jumping in on a pullback was always going to be sweet if you followed a sound plan
Thanks Kaeso for commenting. I would say that the Bund and Nzdusd trades were at the start of the trend. One that isn't is West Texas Oil, which I am looking at now. Post to follow.
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Old Mar 30, 2018, 2:32pm   #7
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West Texas Oil - a signal forming???

rsd886647 started this thread This may or may not eventuate, but it is on my watchlist for now.

Comments welcomed.
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Old Mar 30, 2018, 11:29pm   #8
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Originally Posted by rsd886647 View Post
This may or may not eventuate, but it is on my watchlist for now.

Comments welcomed.
Entry is only one component in the overall equation. What is your exit plan, is it some form of trailing or measured move? Take for example, the NZDUSD trade - what was the overall trade plan?
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Old Mar 31, 2018, 12:22am   #9
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rsd886647 started this thread Hi Brumby,

Thanks for the question. If I can use a previous Bund trade, because I am currently in a trade on this chart, this is my exit plan...I should add that I will also monitor the MacD for signs of trend exhaustion if I am say up by 5x my risk, and may exit manually in that scenario.
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Old Mar 31, 2018, 12:46am   #10
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Originally Posted by rsd886647 View Post
Hi Brumby,

Thanks for the question. If I can use a previous Bund trade, because I am currently in a trade on this chart, this is my exit plan...I should add that I will also monitor the MacD for signs of trend exhaustion if I am say up by 5x my risk, and may exit manually in that scenario.
Cool. Was the BB cross only a partial exit since you mentioned that you still have an open position? What is the trade plan on the remaining position?
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Old Mar 31, 2018, 1:17am   #11
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rsd886647 started this thread Hi Brumby,

Sorry, I did not explain well. My example was a past trade. I am now in a new trade as shown on my first page. I am nearly 2xR up. I will trail my stop, moving to breakeven hopefully when the markets are open again. Thanks for the question though.

Rob
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Old Mar 31, 2018, 3:04pm   #12
Joined Mar 2009
A signal - Brent Crude Oil

rsd886647 started this thread I did have West Texas Oil on my watchlist and posted a chart here in this thread, but that signal is not as developed as this Brent Crude Oil signal, which looks ready to go.
I will look to trade this signal instead IF it breaks up past where my buy stop will be.
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Old Apr 2, 2018, 1:16am   #13
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Wedge pattern

rsd886647 started this thread A new pattern I will be looking to trade as and when I see it is the wedge pattern, as a continuation of trend. It is similar to a flag pattern and I will set a take profit of 1:2 should I make a trade. This is an example of it:
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Old Apr 2, 2018, 4:16am   #14
Joined Mar 2009
rsd886647 started this thread I've spotted a triangle that formed before my Brent Crude Oil bull flag trade, this would have been a better entry. I hope there's still bullish momentum in this market.
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Old Apr 2, 2018, 9:49am   #15
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Trade triggered - Brent Crude Oil

rsd886647 started this thread I'm now long.
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