Olwen yes it was a bull flag but it failed, breaking to the down side. It stll has a target and the resultant drop failed to make it, as did the pullback target in the middle of the drop. You should have expected a rise from the third low, instead it dropped straight through.
I said earlier today in the chat room, be patient and wait for something to develop in TA to get some pointers as to where we were going. That eventually developed, givig three separate targets between 8305 and 8310.
The triangle, then the bull flag then the pullback. All went well till 8310 ...... then you should have spotted two things developing.
1. A possible H&S developed.This got "cancelled at 20:09 as the price pulled away from the support line drawn in....( 8301 was the target).
2. The peak at 8317 should have got you looking for possible divergences setting in, which there was, in both CCI and RSI.
Now here's the crunch. One would have expected a third rise to complete the negative divergence. It didn't happen. The time frame was correct at 24 mins . As soon as the price broke the support line from the H&S, that should have made you hit the sell button. I got out for a measly 2 points. IF you missed that exit, you would only have lost 30 points max from there...... so no big deal.
My data feed /charting was all screwed up for most of the afternoon so I could do nothing. Those that got in early should have made close on 100 points.
Iv'e checked that the MA is set to 100 this time.
Up 215 on the day.
It's simple.... treat it just like a bull flag ( or bear flag). The main difference is that it occurs as part of a big push up, where the price needs a breather and the mm's to grab back a few shares so that they can continue to have move shares available as the price moves up. You will only get something like 1 -4 ticks of pullback . In the example here, the pullback is minute, but defined. The target is 8015+ ( 8015-7980) = 8050. As divergence has set in, a scalper would take the 8050 target , or very near.
Note the pullbacks work on the way down too - same rules.
Just a quick look tonight.... Just two decent opportunities today.... First the triangle break out around 7pm riding to the top for40 odd points, then the ride down to close for another 50 odd.
The top was really strange, the final clue coming from the break down through the prior triangle target at 8305. Note how the targets were met all the way down....... A bad day for getting whipsawed out.....
Chartman, I was monitoring the bear flag pattern (as marked on your chart) that developed from the 8320 high at 15:30 then broke below the lower trend line and went back up to touch it circa 17:30, then fell away again.
There was a S/R switch both on price & CCI followed by a possible head & shoulders.
If this was a true bear flag it did not make it's target so would probably have been an aborted trade anyway.