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PRICE ACTION TRADING | Bearish Flag Pattern ๐Ÿ”ฐ

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Hey traders,

Bearish flag pattern is a classic trend-following pattern.
Being relatively simple to recognize, it is applied in various trading strategies.

โญ๏ธ The pattern itself signifies the correctional movement after a strong bearish wave in a bearish trend.
After setting a new structure low, the asset starts growing in value and the price action legs start forming a rising parallel channel.

What is particular about this growth is the fact that the price grows within the range of the preceding bearish impulse.

๐Ÿ”” The trigger that we are looking for to sell the market is a bearish breakout of the support of the flag pattern (we need at least a candle close below).
To not be caught by a false breakout, it is highly recommendable to wait for a bearish violation of the last higher low level as well.
Only then the flag breakout is confirmed.

The breakout signifies the end of a correctional movement.
Then the price will most likely return to a bearish trend.

โšก๏ธTrading the market aggressively, one opens a short position on spot just after the breakout candle closes.
โšก๏ธThe conservative trader will wait for a retest of the broken support of the flag for a safer entry.

โœ”๏ธSafest stop will lie strictly above the highest wick (the last higher high) within the flag.
โœ”๏ธInitial target will be based on the closest key structure support.

Learn to recognize this pattern and be disciplined to wait for its confirmed breakout. Only then a high trading performance will be achieved.

What pattern do you want to learn in the next post?๐Ÿค”

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