I think you are looking at Vic's 1-2-3 and the Flag as being one in the same. But they are not.
Will try to explain later.
It's the Pattern, Stupid!
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I think you are looking at Vic's 1-2-3 and the Flag as being one in the same. But they are not.
Will try to explain later.
It never occurred to me before, but when I was drawing lines for the two of them I realized that a situation could arise where a 1-2-3 that turns around after a false "break" at 3 then starts to look like a flag. I realize the bull flag has nothing to do with trendline breaks. But in the situation where the trendline was drawn as in that last example, i.e. just connecting lows from last (major) up leg:-
then I could see potential for ambiguity...
Whereas if drawing the trendline by connecting two or more lows on a longer timeframe, the trendline would be less steep and the bull flag typically might not give the trendline break required for 1 in 1-2-3, and there would be less confusion.
I'm not sure if the above makes sense to others and maybe I missed something important in understanding of the differences.
It does get pretty dicey, doesn't it? However, it's my understanding that the size of the "flag pole" must be at least twice the size of the "flag", which is essentially a downward channel. These are so old school TA, which I haven't used for eons, it simply behooves me that you folks even talk about it. And I've been in this game for over 20+ years! 
It never occurred to me before, but when I was drawing lines for the two of them I realized that a situation could arise where a 1-2-3 that turns around after a false "break" at 3 then starts to look like a flag. I realize the bull flag has nothing to do with trendline breaks. But in the situation where the trendline was drawn as in that last example, i.e. just connecting lows from last (major) up leg:-
then I could see potential for ambiguity...
Whereas if drawing the trendline by connecting two or more lows on a longer timeframe, the trendline would be less steep and the bull flag typically might not give the trendline break required for 1 in 1-2-3, and there would be less confusion.
I'm not sure if the above makes sense to others and maybe I missed something important in understanding of the differences.
It does get pretty dicey, doesn't it? However, it's my understanding that the size of the "flag pole" must be at least twice the size of the "flag"
Good point. And reassuring to know that I'm not going completely mad (although my wife gave me a look of annoyance when I showed her my flag with a short pole at the weekend
)Is Vic's 2B pattern considered "old school"? I'm sure a few here have traded that (even I have been caught fading a few occasions and had mixed success)
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No, and trying to read the price movement as such would be seeing what's not there.
The flag is a continuation pattern, while Vic's 123 is a reversal, and each has its own requirements to be qualified as such. For example Vic's must have a trend line break, while the flag needn't. In fact the pole part of the flag is often too steep for a trend line to hold or too straight to allow a trend line to be drawn. And while the flag is usually a 4 or 6 wave affair, any number of movements may occur in Vic's between 1 and 2, or following 2 and . before the break of 1. Also, the duration of a flag is normally less than 3 weeks, while I guess you could say that Vic's 123 could be valid even when completed after 3 years as can be seen on Gold's weekly chart.
I could go on and on about the differences between the two, but given that they are in no way related, and as I hate typing, that's it.
Thanks for the explanation.
I have not found that to be a requirement.
The old school is still open, and the flags are still flying. One just flew a few minutes ago in the Nikkei.
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Were you referring to learner2007's age? In which case, there is no need for that kind of rudeness..
FYI I'm between 20 and 200, but not as old as I look, act or smell!