Is there a way I can trade bull flag patterns on a daily basis and what sources can I use to find them? Chipotle is a an example of a strong bull flag pattern today.
In Trade-Ideas website you can backtest your idea and see the results. I think also Trendspider website has a chart pattern detection tool but I do not know how they allow to backtest this.
%% NOT likely\ daily in a bear market\ unless you find a super strong sector/ or stuff like that one above 50/200 day moving average.................................................................................. Some inverse ETFs could work but those are really profits off a bear flag\bear trend
CMG ? Chipotle Mexican Grill ? FPAY, PCVX or RUN have better flag IMO The only tool I know is 60min per day and scrolling through hundreds of chart. Good luck
This is strictly my opinion, but there are a few ways to do this. Flag patterns are what i thrive off of. There are a few things that you must do first. 1. decide what time frame you are using. 2. I use TC2000 for scanning and have built my scans around the patterns that im looking for, but this only puts me in the ball park. As great of a scanner as TC is, its not made for "pattern recognition" , but if you know the characteristics that defines the flag pattern then you can build a scan looking for that. 3. even with the scans i use, they are not perfect, so it still boils down to scanning charts visually to find the pattern you are looking for. 4. Lastly, at what stage in the pattern are you trying to catch? In the beginning (the flag pole?) or the latter stages when price pulls back ( the flag) these are all things that you must take into account. As of this moment in time i run my flag scans and the best looking chart that fits my description of a flag falls on MANU there are others that would say that FNGR is a flag pattern, where as i would say it "was" but past that point now - more of a failed flag. you have to be able to define what you are calling a flag in the scan, and as stated earlier, still must look visually - at least i do. Hope this helps One last thing is try studying "Bulkowski on Flags" to get an idea what you need to be looking for. Hope this helps some. Here is the link to him https://www.thepatternsite.com/flags.html