- Price is currently at trendline resistance level
- At the same time, a bearish bat pattern has completed
- RSI is also at overbought level
- Good R:R at 1.8 (TP1) and 3.1 (TP2)
Wait for current candle to close and observe the next candle.
Note
Price had broke trendline resistance level, pattern is not valid anymore.I am now looking to long instead as I have spotted a bullish flag pattern.
How to trade the bullish flag pattern?
1) First identify an instrument in a strong up trend (flag pole)
2) This price consolidation becomes the ‘flag’ of the pattern
3) If the retracement becomes deeper than 50%, it may not be a flag pattern
4) Look for prices to break higher with a length equal to the size of the flag pole
Note
Spotted a bullish bat pattern completed on H1 chart, check it out.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.