7# Flag Pattern Trading Forex System
Pairs: Any
Timeframe's: 60 min or hiher
Indicators: 100 Simple Moving Average (100SMA)
Chart Patterns: Bull
Flags and Bear
Flags
Long Entry
Price trades above 100 SMA.
Bull flag pattern appears on the chart after a steep price rally.
Wait for a upward price breakout of the Bull flag.
Enter long trade at market on the open of the following bar.
Place stop loss 1 pip below the low of the lower Bull flag trendline.
Utilize 1 to 2 risk-to-reward ratio to calculate trade objective.
In the figure is a 60 min chart on AUD/USD. We identified a bull flag pattern setup on 28 march and initiated a long position after the upward price breakout of the Bull flag. Our trade entry was at a price of 1,0261, along with a stop loss 1 pip below the lower trendline at 1,0202. Our projected profit target was 2 x the risk taken at a price of 1,0380. ,our profit objective was achieved for 120 pips.
Short Entry
Price trades below 100 SMA.
Bear flag pattern appears on the chart after a steep price decline.
Wait for a downward price breakout of the Bear flag.
Enter short trade at market on the open of the following bar.
Place stop loss 1 pip above the high of the higher Bear flag trendline.
Utilize 1 to 2 risk-to-reward ratio to calculate trade objective.
In the figure is a 60 min chart on AUD/USD. We identified a bear flag pattern setup on 15 march and initiated a Sell position after the downward price breakout of the Bear flag. Our trade Sell entry was at a price of 0,9893, with a stop loss 1 pip above the upper trendline at . Our projected profit target was 2 x the risk taken at a price of 0,9765. ,our profit objective was achieved for 128 pips.
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bhavesh oza (Friday, 05 August 2016 09:42)
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