XLM Forming a "FLAG FORMATION"
A bullish flag sees the price trending down but poised to break upward.
Flag pattern trading manifests when there’s consistent up-and-down action in a stock that’s trending either bullish or bearish. You can roughly connect the peaks and valleys of the stock with parallel lines, with breakpoints exceeding the previous peak or valley.
The length of the flagpole can be applied to the resistance break or support break of the flag/ pennant to estimate the advance or decline.
Volume should be heavy during the advance or decline that forms the flagpole. The heavy volume provides legitimacy for the sudden and sharp move that creates the flagpole.
RSI - Low and ready for a pump. Looking for vol to go up.
MA - At this point the MA ( Moving Average ) is resistance but it can quickly change. Depends on vol.
Flag formation - A flag is a small rectangle pattern that slopes against the previous trend. If the previous move was up, then the flag would slope down. If the move was down, then the flag would slope up. Because flags are usually too short in duration to actually have reaction highs and reaction lows, the price action just needs to be contained within two parallel trend lines.
Bull target - 0.809334
Bearish target - 0.380716
Never invest in any people's research. DYOR. It's just my opinion.
Sorry for my last post. Same pattern. I trade on Binance. I was too quick to click. I'm human, so I'm prone to make mistakes.
Again. Just started posting my ideas. Hope for any lessons or callouts for my mistakes. I'm here for the long run. I want to learn.
Flag pattern trading manifests when there’s consistent up-and-down action in a stock that’s trending either bullish or bearish. You can roughly connect the peaks and valleys of the stock with parallel lines, with breakpoints exceeding the previous peak or valley.
The length of the flagpole can be applied to the resistance break or support break of the flag/ pennant to estimate the advance or decline.
Volume should be heavy during the advance or decline that forms the flagpole. The heavy volume provides legitimacy for the sudden and sharp move that creates the flagpole.
RSI - Low and ready for a pump. Looking for vol to go up.
MA - At this point the MA ( Moving Average ) is resistance but it can quickly change. Depends on vol.
Flag formation - A flag is a small rectangle pattern that slopes against the previous trend. If the previous move was up, then the flag would slope down. If the move was down, then the flag would slope up. Because flags are usually too short in duration to actually have reaction highs and reaction lows, the price action just needs to be contained within two parallel trend lines.
Bull target - 0.809334
Bearish target - 0.380716
Never invest in any people's research. DYOR. It's just my opinion.
Sorry for my last post. Same pattern. I trade on Binance. I was too quick to click. I'm human, so I'm prone to make mistakes.
Again. Just started posting my ideas. Hope for any lessons or callouts for my mistakes. I'm here for the long run. I want to learn.
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