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Chart patterns are excellent instruments for forecasting price movements. of the most used chart patterns is the flags and pennants, which indicate the continuation of the price movement.
BTC/USD (M30)
The flags and pennants are the pauses after the price jumps. After the breakout of the critical level (depending on the price direction, they may be support or resistance levels), a trader may expect the asset to pass the distance that equals the previous movement. The target should be set before the next crucial level.
Nevertheless, the market is a live organism and doesn’t always follow the rules. The news may change the direction of the price, and the trader will need to change the whole strategy, reevaluating the situation. If the price comes inside the pattern, it means that the pattern is not valid anymore, and it’s necessary to close the position even with loss and look for other opportunities.
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