Yes it is - you might as well call it "textbook." I didn't take the bull flag long because the flag really formed in the middle of yesterday's range. Flags are most successful when they build near the high of the run and above the prior range.

Flag trading the trend

I placed a copy of Trader Vic's 2B schematic into today's M5 ES chart to illustrate how I view the set up. image

Flag trading the trend

The RTH high was 88.50, and the double top was 91 and the failure to hold 88.50 as support. Double tops rarely match tick for tick. In fact, my experience is that the likelihood of at least a 10 point profit is increased where there is a breakout ...

Flag trading the trend

I could deal with such a bad week very well. I've often allowed myself to think in terms of daily goal, though I have long accepted that there will be days, even strings of days, where not only do I not hit the daily goal but where I end negative ...

Flag trading the trend

How so?

Flag trading the trend

Target filled. So here is the Beauty and the Beast: I made a bunch of +1 tick trades in that choppy mess, and then 10 points on the Double Top.

Flag trading the trend

A better look ... image

Flag trading the trend

I decided to play the double top for 10 points image

Flag trading the trend

Some fear the small loss. But also, so many fear "giving back" their small open profit and so do not hold for the potential large profit.

Flag trading the trend

If you're bull flag, you set up a rally, or a least a test of the most recent intraday high .... it's what you do. Oh ... and sometimes the move out of the flag fails. But it sets up a situation where you risk a small loss, or even a breakeven or ...

Flag trading the trend

Thanks qwerty - I appreciate your input.

Flag trading the trend

Here is the M5 ES this far ... looks like a bull flag to me. Price filled the gap back to yesterday's close, and the Nasdaq's did a gap fill double bottom. So right now, I am 70% expecting a rally to start around 10:30AM. But I will trade either ...

Flag trading the trend

ES - 5 trades now, all +1 tick. That is what happens when in a consolidation. If I am right, price should move quickly away, so I get my stop loss to +1 very quickly. Of course today is the day that I was up +3 points on two of them so I could be +6 ...

Flag trading the trend

So are we waiting for CL inventories before they get this party started or what?

Flag trading the trend

So far four trades and each ended with a a +1 tick stop out. So I am not opposed to scalping as a means of capital preservation lol

Flag trading the trend

I agree with you that that is exactly what most people see. The question I would ask back to you is how do most people fare? I know only a couple of people who I can vouch for being honest to goodness real money making really successful day traders. ...

Flag trading the trend

Here is yesterday's afternoon session. image I first took a long at 91.25 (flag continuation) that turned into a double top short. I reversed at 90.75, take a 2 tick loss on the long, but a 10 point profit on the short. The key to these ES trades ...

Flag trading the trend

No, you certainly don't. Unless someone is scalping for just a handful (or less) of ticks, it would seem that 3 contracts is the "making a living" size. This assumes that one averages at least $100/day per contract and that one can live on $75KUS ...

Flag trading the trend

It is in the starting blocks but I am torn over the strategy I want to employ. I know the 2 or 4 or 6 points a day was my initial plan for it, but I am more of a "swing" day trader at heart, and I like to ride things without setting arbitrary ...

Flag trading the trend

Just make sure you get your orders in when trying to give alerts. I have missed a number of trades due to posting here. I now only post my trades after the order is in and my order is filled, if then. While we all want to help and to be helped, day ...

Flag trading the trend