The bull flag pattern is a continuation chart pattern that facilitates an extension of the uptrend. The price action consolidates within the two parallel trend lines in the opposite direction of the uptrend, before breaking out and continuing the uptrend.
Key points for the bullish flag - the bullish flag is most significant when it appears after a sharp advance in price. Ideally, the lowest price point of the bullish flag does not drop below the breakout point.
A bull flag pattern consists of a larger bullish candlestick which forms the flag pole. Its then followed by at least three or more smaller consolidation candles, forming the flag. You will see many bull flag patterns that consolidate near support levels then when support holds, price action breaks out of the flag.
Bull flags are a subset of our momentum trading strategy and can be used on any time frame. We like trading bull flags on the 2 and 5-minute time frames as a way to scalp short-term price movements. However, they work just as good on daily charts too and are great for swing trading.
a bull flag chart pattern occurs after an uptrend out of a previous price base. The pole is represented by the previous uptrend in price before a price consolidation. The flag is a rectangular descending price range after the uptrend to new higher prices stops.
Hive appears to have consolidated into a giant bullish flag or descending triangle pattern. The horizontal baseline of the pattern has acted as support numerous times, and this specific price range has a lot of confluence dating back to early january of this year when it acted as a ceiling resistance before hive sliced through it like butter surging over 7.
A stock will move up, then trade sideways before continuing to move up again. Candlesticks are always forming patterns on any chart time frame you use.
Before you can trade using any of the 3 bull flag patterns we discussed yesterday, you need to understand how to read a candle. Candlestick charts were developed in 18th century japan by a rice trader.
How to trade the pennant, triangle, wedge, and flag chart patterns. Whilst using one and two candlestick patterns such as the pin bar reversal are extremely popular for finding trade setups, they are only as good as the area that the trade is being taken from.
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