XAUUSD Flag m15

13 hours ago

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

6 hours ago

Trade closed: target reached

Target 1 successfully +40 Pips