FX:AUDCAD   Dollar australien/Dollar canadien
Begun looking in to and back testing Flag patterns. Here's one I spotted while doing my usual checks of the charts.


Bottom chart is the 1440 showing us that we're still in a downward trend and have been since the first half of 2019.
Top chart is the 240 showing an initial impulse legs or flag pole, with a nice retracement.


I'd be looking to go short once price breaks and closes below the bottom flag line.
Two options for Stops and Targets.
  • Option A - Stops one ATR above the highest wick in the patterns and targets as an equal measured move.
  • Option B - Stops one ATR above the entry signal bar and targets at a re-test of the low.

Let me know what you think, any tips for someone who's looking to incorporate Flags in to my trading?


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