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  Latest
Make Money in Forex by Avoiding These Psychological Risks May 24, 2022
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Flag

Mira Team by Mira Team
December 28, 2020
in Forex Terms
Reading Time: 1 min read
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Definition – What does Flag mean?

A flag is a technical analysis continuation pattern where a strong movement in the direction of the primary trend is followed by a period of consolidation before resuming in the direction of the primary trend. The pole of the flag is formed by a sharp breakout above (or below) support (or resistance). The flag itself is a rectangle that is formed by parallel trendlines that slope against the previous breakout. Once the flag is fully formed, another upward (or downward) break signals that the previous trend is resuming.

ForexTerms explains Flag

Like all continuation patterns, the flag can be tricky to properly identify. Flag-like formations can form anytime there is consolidation in a currency pair’s price action. The important criteria is that the flag is preceded by a tall pole – that is, a strong breakout above or below support and resistance levels. The strength of the pole provides more validity to the formation. A strong pole doesn’t eliminate the possibility of a reversal, but it does lower the odds.

ⓘ Mira FX is not liable for any damage or loss, including but not limited to, any loss of investment, which may be based either directly orindirectly on the use of or reliance on such information. Before deciding whether or not to take part in foreign exchange or financial markets or any other type of financial instrument, please carefully consider your investment objectives, level of experience and risk appetite.

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