Flags and Pennants

[saiter]

Green lines indicate resistance. Blue lines are support. Check the volume panel too. If there's no resistance line, then that stock is currently in new territory.

 

[skc]

BTA again anyone? Huge gap is now closed. So far on this thread gap play + flag has a good hit rate.

 

[beamstas]

BTA again anyone? Huge gap is now closed. So far on this thread gap play + flag has a good hit rate.

Nice one

 

[saiter]

BTA again anyone? Huge gap is now closed. So far on this thread gap play + flag has a good hit rate.

IMO, I think the suckers who bought after the news release (Huge volume on the 27th and 28th of April) are going to panic sell as they realise that swine flu wasn't the "pandemic" it was made out to be and this will result in a price crash.

EDIT: Here's a picture of what I mean...

 

[skc]

IMO, I think the suckers who bought after the news release (Huge volume on the 27th and 28th of April) are going to panic sell as they realise that swine flu wasn't the "pandemic" it was made out to be and this will result in a price crash.

EDIT: Here's a picture of what I mean...

Agree. Crazy Dokic makes way better front page news than swine flu.

But BTA should not give back all its gains - some government will probably announce increase stockpile or something like that.

 

[sammy84]

BTA is trading is too much on news so to speak. On bad head line and its all over. It treated me well so far however

Good ascending triangle micro pattern on PBG. The volume is what first got my attention. This thing has already done 500% from its lows, would've been a great knife catcher.



There's so many of these patterns at the moment.

 

[Wysiwyg]

Any you boys getting a continuation on these triangles?

 

[nomore4s]

Just for a bit of fun.

Here is a nice breakout of a triangle. Decreasing volume during the formation of the pattern and increased volume in the breakout today.

Looking pretty bullish!? Everyone work out what it is?

Just a follow up to this chart. Turned out it was pretty bullish.

These patterns have been great trading lately as most of the patterns are coming off solid bases and market conditions have really suited this type of trading.

 

[nomore4s]

Don't know really, probably no more than a guess which is why you wait for confirmation of a break either way before taking a trade.

BMN could actually break down from the micro triangle test the bottom line of the larger pattern and then break up from the larger pattern. BMN is actually trending up atm even though the higher timeframes are still down.

Another follow up

BMN has broken down from the micro triangle and the larger pattern is now on the verge of failing, will be watching this one next week to see how it all plays out.

 

[skc]

DOW. Just poking it's head out of the little pennent/triangle/congestion zone.

 

[skc]

IIF, may be. The move up before not that clean. Wonky flag pole.

 

[saiter]

This is one that I really like:



The dotted blue and black lines are previous supports that it has broken through. It has formed a nice tripple/double bottom and has just hit the previously broken resistance and gone down on decreasing volume. Expecting it to rise some time this week.

 

[Sean K]

AGS likes a pennant or two, or three...wonder if the trend continues?

 

[bunyip]

Apart from the classic chart patterns like Flags, Pennants, Wedges, Triangles, Rectangles etc, there are a number of less talked about but still very effective patterns that can be good entry setups.
One of these is the Outside Day, or Engulfing Pattern if you prefer Japanese Candlestick terminology.
It's simple, effective, and easy to recognise. Easy to scan for too, at least in my charting software.
Do a Google search on how to trade Engulfing patterns or Outside Days, and most of the info that comes up will talk of using them as trend reversal patterns.
I prefer to use them as trend continuation patterns, as shown in the attached chart. With or without the Fibonacci analysis as shown, an Engulfing pattern can pinpoint where a retracement has finished and the trend has resumed.

 

[Struzball]

Some great flags/pennants whichever they are on IPL.

I wonder if it will continue the trend.

 

[bowman]

A couple of speccies.

 

[bulli]

SBM - I believe there is a flag forming here for possible break-down.

 

[bowman]

Here's a few flags and pennants on a WEEKLY timeframe.

 

[Wysiwyg]

Here's a few flags and pennants on a WEEKLY timeframe.

I really think you don`t understand what a pennant is.

Have a look at the definition of ascending/descending triangle and rising/falling wedge. Not knocking your contribution but this is a flag and pennant thread.

 

[bowman]

I think I've explained myself before.

I understand what ascending triangle and descending trianges are, but as far as I'm concerned when they occur at the top of a flagpole they are flags and pennants.

Your whole objection seems to be with the shape of the pennant ie. it must be symmetrical.

Why?

They're all just brief consolidation patterns on top of a 'flagpole'.

But if it bugs you that much I'll bugger off if you like.