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Bearish Flag

JOHNSON & JOHNSON 1D IS IN A RANGE & BEARISG FLAGBearish Flag is a form of range pattern Ranges, Descending Triangles, Triangles, & Ascending Triangle are repeatable trading chart patterns. Triangles and ranges are consolidation chart patterns that can breakout either direction. Ascending and descending chart patterns will have a directional bias depending on the previous incoming trend. Each chart pattern will have defining trendlines of the support/resistance levels creating the pattern. What ever time frame you are trading this chart pattern, wait for a candle close outside of the trendline in the direction of the breakout candle. (Our time frame preference is the Daily chart ). Add volume indicator - Volume is the amount of $ that went into a particular candle or in Forex the # of trades that took place. Add ATR indicator - Volatility is the amount of price movement that occurred. Use the ATR to measure the price movement. When you see descending volume bars and descending atr line (which indicates volatility ) this shows a dis-interest in traders to invest in this pair creating consolidation which creates the chart pattern. Trade Management after there is a breakout candle close. 1 - Position size (compare volume bar to volume ma line). a - Breakout candle must be 100% of average volume for a full position size. b - If 75% of average volume then ½ position size. 2 - Enter two trades. 3 - SL for both trades will be 1.5 x ATR. 4 - 1st trade TP will be 1 x ATR. 5 - No TP on 2nd trade – letting profit run and adjusting SL to follow price. 6 - When 1st TP hit – move 2nd trade SL to breakeven. 7 - Adjust the 2nd trade SL to follow price. *8 - When breakout candle is more than 1 ATR from breakout candle open. a - Enter 1st trade at candle close with ½ position size. b - Enter 2nd trade with a pending limit order that is 1 ATR of breakout candle open. c – Price should pullback to that pending limit order for 2nd trade. d – If Price returns back into chart pattern close trade before SL is hit.
NYSE:JNJShort
by Tradingstrategyguides
BTC Potential Bear Flag? Short Hello Traders, Update on BTC's recent developments, Points to consider, - Sharp advanced decline into pattern, - Key characteristic of a bear flag - Price is in a narrow range - Major support broken, support was in confluence with the .618 Fibonacci level - RSI recovering to neutral zone - Stoch's on downwards momentum - EMA's providing price resistance at current given time - Volume is below average, signalling a move is incoming BTCUSD has been trading in this narrow range after a sharp decline in price, forming this potential bear flag pattern. This consolidation is a breather in the current trend (Bearish) as a bear flag is simply a continuation pattern. The flagpole formation gives us clear targets which is around the green support zone... What are your thoughts on the potential bear flag ? Please leave a like and comment and remember, “Take your profits or someone else will take them for you.” – J.J. Evans
BITMEX:BTCUSD.PShort
by AzizKhanZamani
2
BTC Update! Bulls and Bears continue to battle - weekly outlookNot much to update from a few days ago. We continue to battle within the $11,100 and $9000 range. This is essentially a weekly bar we are within and with this weeks candlestick about to close in a few hours, thought I'd update a weekly chart. Bears may seek to push price down and get a bearish weekly inside bar close and hope for continuation with the new weekly candlestick that will start tonight. Bulls will desperately seek to defend this low $9k area but they have their work cut out to get back up towards those $11k's. Besides a personal long position, I am currently all cash and patiently waiting for bears to dump price for a potential oversold bounce play or bulls to shift trends with some higher lows and higher highs. Hourly chart for bulls was trying desperately to make a climb but not much follow through. This has me thinking bearish with potential for bear flag on 4-6 hour time frames and a flush below $9k coming soon. Certainly does not have to occur but as a trader, I am leaning bearish which has my trading capital locked up in cash until some clearer opportunities present themselves. Just My 2 Sats!
COINBASE:BTCUSD
by My2Sats
4
USDCAD Long Term Downside SetupUSDCAD Weekly chart gives us an indication of overall price momentum to the downside as price has retested the weekly resistance zone of 1.35200. Overall a break in upwards channel from 1.34150 has seen USDCAD sustain its shorts over the last 3weeks. After a break - Price will usually form a pullback/consolidation zone. Perfect for re-entries. A Weekly Pullback from Support Zone of 1.30200 has encountered yet another wall of weekly resistance of 1.31500. Weekly Depicted Below Daily Chart gives us a bearish flag continuation pattern with ideal swing target set at 1.25000 See below D1 Down to the 4HR Chart, a huge range of consolidation confirms our higher time frame bias on going short on USDCAD Overall . It is important to note that the only driver of higher CAD prices could indeed be fundamental news/ lower OIL prices. Fundamentally CAD sees itself losing steam gained against the USD as FED may hold true of cutting rates.
Short
by HuracanFX
GBP/AUD SETUP - possible entry and stop loss included Hello all, I have a potential short setup for you. A bear flag has emerged on the GBP/AUD pair on the 4 hour chart. Enter on a breakdown of the bear flag. _______ (possible) entry: 1.7683 (possible) stop loss: 1.7790 (possible) 1st profit target: 1.7620 (pivot low of the trend leg) --from there on trailing stop losses accordingly-- ______ Remember, only use this trade idea in line with YOUR OWN trading strategy. This is the bare bones of an idea that should only be implemented in conjunction with your own trading system. Also, PLEASE KEEP IN MIND the ongoing Brexit developments which may lead to unpredictable fluctuations in price. In particular, the two leading candidates in line to become Prime Minister next week have both publicly stated that they are open to the idea of a No Brexit situation concerning the October 31 deadline. This has caused some political friction within the UK Parliament and with the EU. Happy trading!
Short
by alexkrec
Possibility of a doubletop in play; if triggered 6k target. a large price dump that was instigated by a 3hr chart deathcross has us now potentially about to break down from what looks like a double top on the 1 day chart...price action is currently below the neckline and is right now trying to retest that neckline...if the retest is rejected then odds are good we will break down from the double top and retest the 1 day 200ma down at 6k. However I wouldn't be sure of a rejection until at least 1-2 1day confirmation candles + bearish volume surge to go with it...we are also currently testing the breakdown of a 1hr bear flag pattern which could dip to 8.6k. If we go to 8.6k odds are very good we will be filling the 8.5k gap from the CME futures chart....whether or not we'd reach the full dip target of the double top of 6k is uncertain considering there is also the famous "golden pocket" on the fib retracement right at 7.2 which we also had a small gap on on the cme futures charts....so dipping to the 7.2k zone would fill the final gap below us and reach that always magical bounce level of 61.8%. We can see the 8.5 level also hits a very significant fib line as well as it has confluence with the 50% retracement line. So we may see bounces at both of these zones or support for candle closes. However 6k is also a possibility because of the double top which also has confluence being double reinforced support with the 1 day charts 200ma which should provide solid support. My move is going to be to wait for price action to retest the yellow neckline of the double bottom and if the daily candles confirm solidified resistance I'm then going to short and ladder out portions at a time at a couple pips above 8.6, 8.5, 7.2, and 6.1k respectively...until I get the confirmation of resistance/rejection at the neckline however I remain neutral for now...with slight bias temporarily to the downside. During this downtrend we may see some altcoins make gains against btc such as xrp. I also believe that when this correction is over the next leg up bitcoin will be taking alt coins with it and they may even lead the 2nd leg up. I think the next temporary leg down on btc will coincide with a 4day deathcross and the next significant longterm leg up will coincide with a 3 day golden cross.
COINBASE:BTCUSD
by DrDovetail
2