NGAS: BULLISH FLAG PATTERN FORMED, WAITING FOR BREAKOUT [4HR]!!!
Hello Traders,
Here we have a valid bullish flag pattern on FX:NGAS-2.30% and now we just have to wait for the breakout, probably to the upside. Flag patterns are also consolidation patterns, just like any other harmonic patterns ( cypher , bat, butterfly , crab , gartley ). This pattern is usually formed after a strong movement in price action. There are 3 main parts to this pattern: the flag pole, flag portion, and the continuation portion. After a strong movement, a strong buying in this case, the market starts to consolidate and we expect the market to breakout in the direction of the flag pole, in our case to the upside.
After getting the breakout, the target is equal to the length of the flag pole, which is 429 pips for this setup. Also a key point to keep in mind is that, the longer the market stays within the consolidation zone (flag portion), the stronger the breakout to the upside will be. The invalidation point for this flag pattern is when we get a break AND close below the bottom falling trend line of the flag portion. Note that we also got a bullish flag pattern formed on the RSI as well. See the chart above for more details.
Please feel free to AGREE or DISAGREE with this idea by leaving a comment below. Hit that thumbs up button (top left corner of this chart) if you like the idea. Thank you everyone for all the SUPPORT that you have given me so far, I truly appreciate it. Good luck everyone :)
Follow me on Twitter as well: moneymaking2016
Here we have a valid bullish flag pattern on FX:NGAS-2.30% and now we just have to wait for the breakout, probably to the upside. Flag patterns are also consolidation patterns, just like any other harmonic patterns ( cypher , bat, butterfly , crab , gartley ). This pattern is usually formed after a strong movement in price action. There are 3 main parts to this pattern: the flag pole, flag portion, and the continuation portion. After a strong movement, a strong buying in this case, the market starts to consolidate and we expect the market to breakout in the direction of the flag pole, in our case to the upside.
After getting the breakout, the target is equal to the length of the flag pole, which is 429 pips for this setup. Also a key point to keep in mind is that, the longer the market stays within the consolidation zone (flag portion), the stronger the breakout to the upside will be. The invalidation point for this flag pattern is when we get a break AND close below the bottom falling trend line of the flag portion. Note that we also got a bullish flag pattern formed on the RSI as well. See the chart above for more details.
Please feel free to AGREE or DISAGREE with this idea by leaving a comment below. Hit that thumbs up button (top left corner of this chart) if you like the idea. Thank you everyone for all the SUPPORT that you have given me so far, I truly appreciate it. Good luck everyone :)
Follow me on Twitter as well: moneymaking2016
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UPDATE #1: Hello everyone, we just got the valid breakout to the upside in the bullish flag pattern. Now only need to WAIT for a VALID re-test of the broken level, before entering into this setup :)
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UPDATE #2: Hello traders, we did get a VALID re-test of the broken level, thus staying on the sidelines for now. This breakout could potentially be a false breakout.
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CORRECTION: We did NOT get a valid retest. Staying on the sidelines for now :)
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UPDATE #3: Hello everyone, we just got a 2nd valid breakout to the upside in the flag pattern. Now waiting for a VALID re-test of the broken level before entering into this setup :)
