The flag pattern in the 15-minute timeframe for gold is a strong continuation pattern, and if it’s currently forming with a bullish setup, it could provide an excellent opportunity for a Buy trade. Here's how to approach it:
Steps for Analysis and Trade Execution:
Identify the Pattern:
Previous Trend: The trend before the flag should be bullish (flagpole).
Correction Phase: A small, downward-sloping channel (the flag itself).
Breakout: Look for a breakout above the flag's resistance.
Confirm the Breakout:
Check if volume increases during the breakout.
Ensure the breakout candle is strong (a large body with small or no wicks).
Entry Point (Buy):
Enter the trade after the price breaks above the flag’s resistance.
You can also wait for a pullback to the broken resistance (now acting as support) for a safer entry.
Stop Loss Placement:
Place your stop loss below the recent swing low or beneath the flag’s support line.
Take Profit (Target):
Measure the length of the flagpole and project it upward from the breakout point to determine your target
Trade closed: target reached
Target 1 successfully +40 Pips 
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.