Triangle, base, flag

 
I was just wondering how you actually scan for flags and bases which i would consider fall under congestion.

Essentially, do you look for a decrease in volatility compared to normal volatility? I am also looking for pennants and flags but using unusually low volume to do an initial scan and then eyeballing to get the final hotlist.

If you answered this q, sorry for asking again.

great thread.
 
Quote from tradingbug:

I was just wondering how you actually scan for flags and bases which i would consider fall under congestion.

Essentially, do you look for a decrease in volatility compared to normal volatility? I am also looking for pennants and flags but using unusually low volume to do an initial scan and then eyeballing to get the final hotlist.

If you answered this q, sorry for asking again.

great thread.
More...

Hi,

On my scanning screen I have monthly,, weekly, daily, 60 min and 15 min charts. Every day I go over sectors (I made lists, and that save my time) and visually I look for consolidations. Can be flag, base, triangle. I like to see that volume decrease during consolidation, but also I like to have moving average support at breakout time. Example: imagine 15 min base at highs, and for breakout I like to see bounce from 10 or 20sma, and volume pop. We can’t know if will volume pop or not at setup time, because of that I like to have moving average support with setup.
For every setup I need to have “whole picture”, that mean all time frames support. For that eyeballing is my tool. I need for my watch list several hours every day after market close. It is extra time for work, but then during market hours I just follow market action and compare it with trading plans what I made. Without full trading plan I won’t take any trade and I write that down on the paper.

Hope this help
Regards
Ivica

p.s. apologies for language mistakes (English is not my 1st language)
 
Quote from ivica:

Hi,

On my scanning screen I have monthly,, weekly, daily, 60 min and 15 min charts. Every day I go over sectors (I made lists, and that save my time) and visually I look for consolidations. Can be flag, base, triangle. I like to see that volume decrease during consolidation, but also I like to have moving average support at breakout time. Example: imagine 15 min base at highs, and for breakout I like to see bounce from 10 or 20sma, and volume pop. We can’t know if will volume pop or not at setup time, because of that I like to have moving average support with setup.
For every setup I need to have “whole picture”, that mean all time frames support. For that eyeballing is my tool. I need for my watch list several hours every day after market close. It is extra time for work, but then during market hours I just follow market action and compare it with trading plans what I made. Without full trading plan I won’t take any trade and I write that down on the paper.

Hope this help
Regards
Ivica

p.s. apologies for language mistakes (English is not my 1st language)
More...

Thank you very much. I also like to leap frog fractals using a ratio of the timeframes of around 5.

Good Luck today.
 
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