Two consecutive equivalent tops, A & B where the volume at point B should be high. The duration between Point A and B should be a minimum of 20 days. To determine bearish trend, one can go short below the previous low.
Head and Shoulder is a Distribution price pattern.
A. The pattern should form a head, which is the highest among the recent price action. It should have two shoulder formation. Volume during Left Shoulder should be highest. Volume during Right Shoulder should be low
B. Duration for the entire pattern should be min. 3 months
C. Can create a short position while breaking the neck line ( The imaginary line below the base where the head forms and ends.
Flag pattern can be a subset of other major patterns. There should be a steep pole followed by a sideway moving pattern. It takes 4 days to a week to form and there should be a breakout in the upward direction. The volume during flagging would be low while the volume during breakout would be high