would have waited for a pullback to enter a trade. And so, a valid flag pattern is likely to push the price action further in the direction of the Flag Pole the trend impulse. Each classical chart pattern provides the trader with a unique outlook on potential price movement. The continuation, the illustration above shows a bullish flag pattern. The difference is that a bearish flag is the exact inverse of the illustration above. This is shown with the purple and the magenta arrows on the chart. Put a stop loss beyond the opposite extreme of the Flag. The pattern consists of the blue triangle and the thicker red bullish line, which is the Pole of the Pennant.
Next, we will develop some rules and guidelines for effectively trading with the Flag pattern. So, as the name suggests bullish Flag pattern we should expect a bullish move to come out of this pattern. . The characteristics are easy to identify, making it a great option for beginners. A bit different from the gbpusd flag above, this bullish flag on audchf extended almost an equal distance to that of the flag pole itself. The Figure 3 illustrates a typical bearish flag pattern.
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Figure 7: Bullish Pennant Example, figure 8 represents a trade example of a bullish pennant pattern. So now we will shift our attention to some practical chart examples using Flag Patterns. The bullish and bearish pennant chart patterns work on the same principles of the flag patterns. The Flag consists of price action with evenly distributed tops and bottoms. The Flag pattern creates a channel correction, while the Pennant creates a triangle correction. Use the same rules but in reverse for a sell trade. Notice that the price completes both targets, which means the stop loss order could be adjusted twice. The flag or pennant chart pattern is formed right after a bullish or bearish price movement followed by a period of consolidation. The most logical location to place the stop loss would be beyond the most extreme swing within the Flag structure. The Flag has a channel correction. We also have training for building a foundation before a forex strategy matters.
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