GER30 - High & Tight Flag Pattern

The high & tight flag pattern is one of my favorite setups to trade & historically is one of the best setups that the market has to offer. This one, in particular, is downgraded due to its location relative to the overall state of the market, but nonetheless, still, something that may be interesting to many of you breakout traders out there.

When it comes to breakouts, there are 3 methods that I teach for how to trade them. 1) Entering a position prior to the breakout in anticipation that it will happen. 2) Entering during the breakout, so while it is happening & 3) Entering after the breakout, meaning once the breakout is confirmed.

All have their pros & their cons which need to be taken into account.

The projected target level for me is the previous shelf of structure support which I would expect to act as a form of resistance. We can also pair that with a 61.8 Fibonacci retracement taken from the larger swing. The larger target projection level comes near the top of the previous consolidation zone at the 78.6 & largest volume spike.

Hope this idea is helpful & as always I encourage you to leave any questions or comments below.

Have a great day! - Akil