Bull Flags are a commonly recognized chart pattern in trading. Typically, a sharp upward move in price creates the flagpole, the length of which can help estimate targets once a breakout (BO) from the pattern is confirmed.
An aggressive entry point is at the flag's low, where a Hammer or Pin Bar may indicate a potential stop-loss hunting move (SFP) trade. However, this kind of entry is not without risk. The more conservative approach is to wait for the BO and then enter on a retest of the flag's top, although such a retest is not always guaranteed.
Key features of a Bull Flag include a minimum of two touches on each side of the flag and a powerful move up to create the flagpole. The initial target is the previous high of the flag (the Measured Move), with the secondary target using the flagpole's length at the point of BO. Overall, Bull Flags offer traders a high probability trading opportunity.
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