Senior member requested you to advice can we say it as a flag pattern ? if yes what is target and SL ??
Comments
Singh_Siddz
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Flags are bit shorter and points down to flat, The above is pointing upwards... But its a channel.
Now ideally the Targets for FLAG Pattern breakout is height of the FLAG POLE.
And for channel breakout First target should be equal to distance between channel trend line.
Avoudhut2411
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Yes its a flag but need breakout
jacktheGREAT
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👍
nirav5
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I think the possible break out can occur downwards. Since the pole 310 - 380 is upwards and the channel is also moving upwards. Hence it would be better to trade at the channel support and resistance level. Once the either side break out occurs it will re-try to touch the trendline at that time you can initiate the trade. For downward break out first target will be near 330 second near 315.
jacktheGREAT
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Thank you niravji for your opinion
My view is possible break out may be on upside
nirav5
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For upside breakout also the target can be set as the length of the pole. All the best.
praveen.bhatiya
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My view it is not a Flag pattern simply because flag patterns are small maximum 15 bars in Flag formation. Please refer the book Encyclopedia of Chart Patterns by Thomas N. Bulkowski a great book to learn classical chart pattern. With best wishes
Now ideally the Targets for FLAG Pattern breakout is height of the FLAG POLE.
And for channel breakout First target should be equal to distance between channel trend line.