I see. You have not answered my last question, though. How do you set the Take Profit level again? You mention something about monthly stuff in the video, but I don’t really get it. Can you elaborate it more here?
If the break of the pinbar doesn’t give me my minimum required RR I will only set a retracement entry. If it doesn’t get hit I move on to finding new PA setups. If both the retracement and break entries fit in my RR minimums I will set an OCO(One-Cancels-Other) order and let one or the other get hit. Once one gets hit the other is canceled and my risk is contained. I will try and get a retracement if the market is willing, otherwise my end up entering the break at times. There are also setups I don’t retrace on every, like IBs.
I have tried out different techniques throughout my trading but what I have really landed on are setting OCO and letting the market do what it will. The candlestick is already telling us what the market is doing. Entering at the break just gets us in the trade at the best position. Even though a retracement adds extra risk, the candlestick has already given us the rejection signal and increased our changes that price will break down.
The “standard” TP level for that pattern is 1/2 to 1 length of the flagpole. I just use my personal judgment to take profit at the trend line that was cutting through my TP area, as the chances of a price reversal in that area would be high. The blue line was a key S/R area that formed from a trend line I had identified on the monthly charts.
I am glad you are liking the videos!
I use any timeframe my broker offers as long as it is above 30 minutes. Markets are fractal so the same PA patterns form on any timeframe. In this specific trade the 8 hour chart had identified a nicely shaped pin bar. I moved the trend line to show how I had originally drawn my trend line incorrectly the first time, which affected my entry level.
Very interested all your videos mate. I have a question in regard to this one in particular. Basically, I was wondering if there is not room for a little bit of discretion. Say for instance, you draw your flag, which are joined by 2 points each line, but on the way there are a couple of wicks (tail not sure spelling) that pierced those lines, not significantly just a bit. then you have the breakout, would still be a valid signal? the other question is about the pole line, where should I start if zigzagging before. have a look to my example, and please let me know your opinion. Based on this analysis, I could expect a double top, even 110?
Ok, this is getting more and more interesting. How do we set OCO order at MT4? As far as I know, OCO is not built into MT4. Are you using specific EA or script here, Krugman? I think sometime in the past I had this similar discussion with my colleagues, but the answer was never satisfactory to my taste. It’s about some tricks with the Stop Loss and Take Profit order, but I never really understood it. 
Hey Willy, good questions. From what I have seen FXCM software has more features than other software like MT4. I am not sure if this is a feature in MT4, but in FXCM it is a standard built in function. If MT4 doesn’t allow it try and find a script or set up your entries to alert you when triggered. As soon as you get already, manually close out your other position.
Just a quick update. I’m out of this one 1st TP hit (for a change) closed 2nd trade manually when I realised that 1st TP area would hold and because it is friday.
You don’t want the candle poking outside of the flag or else you have a poor quality flag, I am a little forgiving but only by a few pips.
You don’t want the bottom of the flag going any lower/high than about 1/3 of the length of the flagpole. In your example the channel that formed the flag is almost the entire length of your flagpole.
Thanks for the suggestion, K.
Okay, this is an open request to each and every reader here. If anybody here knows how to put [B]OCO (One-Cancels-Other) order[/B] at MT4/MT5, whether manually or by using EA/script, you are my hero. Please share it here in this thread so that all of us can learn how to apply it at MT4/MT5. Thank you in advance.
Thank you mate I learn another valuable lesson from this threat today 
What do you think of the [B]EUR/NZD 4H[/B] the [B][U]Flag Pattern[/U][/B] ?
Someone told me, no later than this morning, that there is no such thing as a missed opportunity 
Hi wm247,
There is an EA available on the MT4 free EAs library :
Place OCO Order, One pip Limit Order and One Pip Stop Order - MQL4 Code Base
You would have to carefully test it first, I have never used it before so no guarantee !
Edit: sorry, forget it, it doesn’t simply place OCO based on your request. It is one of these EAs that does random crap.
Edit2: Another I found with a funny name
Swiss Army EA (Automatic order management)
Haven’t tested it but if it’s swiss, it is good !
Yves
My last trade was closed and I am now getting ready for the weekend. We had a great second week here. I can see the quality of chart analysis is improving and it seems like people are really starting to understand and possibly embrace some of the things I am teaching here.
I was able to finish up the week with 3 wins and 1 loss for an overall account grow of 9%. I hope others also had a great trading week. I am going to try and get my website launched if godaddy stops giving me problems. I look forward to what next week holds.
Ahahah ! I don’t feel like I have missed an opportunity, I just wanted to make sure my eyes are well trained enough to notice such a setup. As soon as I checked and saw it happened while I am asleep, I was happy again !
Great stuff ! I had 2 wins, 1 loss and 1 BE for an account grow of 4%. I first thought it was complete crap but then I realised that if I did this every week, it would be over 200% annually. A lot better than a UBS current account !
much shyer results for me 1 win and one BE 2.5% increase my goal is a steady 3% / week
Have a great weekend everyone
Ending the week in profit is always good no matter the %. You were very close to your goal. Measuring overall success at a weekly or monthly level is really unreliable. It takes around 100 samples of something to begin getting a good statistical average. For most PA traders it will take 3-12 months to take that many trades.
Since I cannot contribute in anything else I am sharing here my various “notes” of the last 2 weeks in case they can be useful to others
some titles might not be relevant to you but, in summary, these are the hot moments of this thread over the past 2 weeks so in case you didn’t read every post you can quickly browse it
[B]Articles[/B]
Identifying a trend
[B]Management[/B]
Warning Signals DURING a Trade
Trade Management: Various TP and RR calculation
[B]PA Signals[/B]
Valid v/s not valid not from this thread but still from Aaron
Where to enter and when to enter
[B]Patterns[/B]
1-2-3 reversal not from this thread but by Aaron
Entry and exits in Flag patterns
[B]Trade setups[/B]
AUD/USD inside bar
[B]Misc[/B]
Deciding on Entry point