Have you ever heard of a “high tight flag” setup?
If not, you’re in for a special treat today!
First, let me tell you a little bit about what qualifies this trade setup so that you have a better technical understanding.
Planting the Flag
The high tight flag pattern is one of the most bullish chart patterns out there…
It shows a strong trend followed by a trading range that is then expected to set up for another strong swing to the upside.
Ideally, we want to see price double within approximately an eight-week period, then stall and consolidate into a “flag” formation.
Upon that next breakout, there’s a very high probability of price action accelerating quickly and aggressively.
The daily chart above of New Oriental Education & Technology Group Inc. (EDU) is a prime example of a nicely structured high tight flag.
You can clearly see that price rose more than 100% in the eight-week period leading up to the beginning of the flag formation.
In this example, the initial rise was actually about 140% or so.
Wait for Consolidation
It’s natural to see a consolidation of price action after a run that substantial. At the very least, there’s going to be some notable profit-taking.
That when this “flag” has the opportunity to develop.
Once the formation has been established, it’s then just a matter of waiting for price action to break out of it.
The anticipation for these breakout moves is well into the double-digit percentage range.
Traders will then start to consider taking profits when price has moved at least an additional 30% from where the breakout of the flag formation occurred.
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If you have more questions or comments, please send them to email@example.com.
Rules to Live By
“Live as if you were to die tomorrow. Learn as if you were to live forever.” Mahatma Gandhi
Until next time, I wish you a beautiful and blessed day!
Yours In Trading Success,
Anthony Speciale Jr.