Bull flag or bearish flag pattern

I don't know if it is a rhetorical question,
But it needs more tightness IMO

Almost retraced all the leg up,
I prefer the price to stay near the top.
The consolidate. It's not consolidating here.
It's basically being sold. I'd like a leg toward the top,
Then a small leg down (higher low) to form a ascending triangle.

 

Not rhetorical, thanks for the clear answer.
Flags and wedges aren't in my wheelhouse but pullbacks to support are so this gives another angle to be aware of.
Good call too, Sekiyo.
Nothing happened.

 

I am not going to lie.
I checked the chart but only after saying it wasn't good.

I mean there is a thousand ways to read price action,
To draw patterns and trade the patterns,

But a decent flag look like this to me.



It's AU on the daily and it has a strong sector behind it (Non-Energy Minerals)

As you can see the pattern is straight and clear.
The flag pole is made of strong candles,
The price pullback on the 10 sma,
Reverses around the top,
Make a higher low.
Getting tight.

Then it breaks out.

Doesn't work all the time,
This was VYGR (Biotech) back in April.
I believe it was down on a news but I traded it.
However I sold near the top because of a spike in volume,
And the price didn't move much ... Been kinda lucky.


Then there is the bull flag with the flat or descending channel,

...

Clean and simple.

There are uglier stuff like CAR that didn't work
Took a small loss on it. That's fine ...


Otherwise I just draw an horizontal line around the highest close and its high.
Then I look for decent sideways action below the line.
If it breaks out on good volume then fine.
But it needs a nice leg up !

Example on HG

 

@traderjoe200 forgot to post RYTM (Weekly)

 

I didn't forget,..merely didn't I have a list of flags past and present going back to 2000 that i studied with great care. This is really the only way i know to learn the pattern. you will see that pattern on intraday through monthly. It works (when it works) on all time frames. If you see inside bar day and drop to a smaller time frame , you can generally find a flag. Been doing this quite a while.... here is an example

Inside day on NIU



Now drop down to the hourly time frame....



as i said earlier,...there are different ways for finding flags. Now trading them is another ball of wax.

 

MANU on the 65min

 

Now you got it

 

Plenty of flags !
Hard not to get it

Thx

Even McDonald's offering Flags to its menu

 

DM me and ill give you a few more ways to find them

 

How to find the greatest flags ?
Greatest Market > Greatest Sector > Greatest Industry > Greatest Stock > Greatest Pattern > Greatest Entry > Greatest Exit

Thanks