How The Pro's Trade Flags & Pennants Chart Pattern Analysis | Forex
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http://www.stock-market-strategy.com Stock Market Strategy has put together a video to explain how professional traders use Flags & Pennants for entering high odds trades. Flags & Pennants are explained and pointed out on charts so you can see how they can be used and implemented into a trading plan to become a profitable trader faster. Understand the psychology behind these chart patterns to really start believing in these stock patterns for better implementation. We hope you enjoy the video. Direct link to Flags & Pennants Page: http://www.stock-market-strategy.com/flags-pennants/
Comments
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Happy to know that..
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TRading bullish pennants are crap... how many times did a pennant turn into something else... It breaks out, then turns into an upward rising flag, which by the way isn't even a pattern, it's just noise, in a bullish trend after a bullrise and stops there and reverses... That pattern is simply worthless, i get stopped out every single time in the exact same way. i've got about 10 attempts... 100% failures... i'm even considering shorting the reversal, but even that has very little points in it
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In other words, how could one know it is a developing bearish flag prior to its development? Guess I would have to be a pro like you guys to know the answer to your question. Just seems very bullish to take a position at the first few pips that appear.
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I'm a novice at trading and am excited just to know the verbiage. However, if I were to take a shot at your great question, I'd answer by saying that because as he had instructed, you would need to reference his 7 point check list to be careful not to assume the market will test first or continue its trend while being faked out leading you to having taken the wrong position. Patience is truly a money saving virtue in this arena-so I have learned. Peace
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Why not just trade at the resistance of a developing bearing flag, sell enough to BE at the prior support and then go for a big % gain after that.