This is a bullish flag pattern. Steeper Pole is slightly slanting and represents a bullish trend. The volume here is high. Then a rectangle is formed which represents the actual flag. The support and resistance levels are marked. The volume is low during the flag formation. Once there is a breakout along with good volume it is confirmed that the trend will be bullish. I have taken the breakout point at Rs 429 as my entry level. The risk is the difference between the support and resistance levels. So the stop loss point is Rs 375.10. I have added the length of the Steeper Pole to that of the entry level to arrive at the Target at Rs 544.50.
, , FLAG Pattern
Hi sir,
This is an appropriate trade plan for flag pattern:-
Your entry should be just above the breakouts of the consolidation range
Set a stop loss just below the flag formation
Your target should be based on the height of the flag
Thank you. Will redo after incorporating your suggestions.
Now I have placed the entry level at Rs 432.20, entry at Rs 432.20 and target at Rs 455.30.
You did that very well
Thank you for your guidance.