2052-flag-identifacation-without-volume-or-indicators

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TOPIC: Flag identifacation without volume or indicators

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#2052

Tony (User)

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Posts: 67

Flag identifacation without volume or indicators 2 Years, 10 Months ago	Karma: 0
Below is a Flag I think I identified on the left with wavy motion on the smaller time frame on the right. As I have to work without volume on this type of trade and do not wish to use indicators, Can anyone spot a flaw in the identification based on price action alone? The price target was met but was this by good luck or correct technical analysis? Cheers Tony

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#2053

Deon (User)

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Posts: 452

Re:Flag identifacation without volume or indicators 2 Years, 10 Months ago	Karma: 0
you really had two things working for you a cup and handle plus a flag... if you want the high probability stuff look for multiple reasons to enter a trade have a read of cup and handles if unsure , have tested them with great probability. however they are not as common as flags and pennats D

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#2057

Peter Varcoe (Admin)

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Posts: 622

Re:Flag identifacation without volume or indicators 2 Years, 10 Months ago

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Hi Tony,

What company is this, I cannot read the weekly price ation properly in the forum text.

Deon,

you are correct here, they are not as prevalent as flags etc, but have a look at them and a majority form flags / pennants, which tend to be more reliable, and as you say appear more often.

There are possible problems with going into depth with the plethora of other patterns out there, not the least of which is that most will end up suffering from information overload, which will only exacerbate identification issues.

Therefore we are sticking to the basic, proven, most reliable ones we can find.

Have a great day

Pete

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