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Strategies & Market Trends : Charting & Technical Analysis for Stock Indexes
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To: chartwiznyc who wrote (28)11/15/2001 11:52:12 AM
From: fut_trade  Read Replies (1) of 211
 
...If you find a way to automate it

For flag recognition I would like to avoid using time frames (1 minute, 5 minute, 15 minute etc) and instead focus only on price movement.

Retracements from the last local high or low is one way. A four point move in the emini is about a 0.4% swing. A bull flag could be defined as a break-out followed by at 0.4% pull back from the last high followed by a move up rising above the last high. Perhaps the pattern could be made more reliable by the requirement that two swings must be executed before it is called a "flag".

I'll try to explain what I mean:

1) An uptrend is just a rising line.
2) The most simple flag is a rising line, followed by a line which declines at least 0.4%, followed by a line rising above the last high
3) The next more complex flag would be a rising line, followed by a line which declines at least 0.4%, followed by a line which rises at least 0.4% from the last low, followed by a line which declines at least 0.4% from the last local high, followed by a line rising above the higher
of the two nearest highs.

The lines I refer to are just local highs connected to the next local low etc.

This is one way to identify flags. I'm still in thinking mode and haven't coded anything yet. Does this approach for recognizing a flag seem efficient?
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