Flag Pennant Scanner
Flag Pennant Scanner is a Price Action (PA) analytical tool that scans the continuation patterns known as "Flag and Pennant Patterns" . This scanner is a multi - currency scanner with an easy-on pattern display dashboard. The scanner also comes with two major Flag Pattern trading strategies.
Flag and Pennant patterns are continuation patterns characterized by a move in a previous trend direction after a shallow retracement usually below 50% of the original move . Deep retracements can however be sometimes found at the 61.8 % levels. The original move is know as the flag pole and the retracement is called the flag. Read More Here
Indicator Fundamental #1 - Fibonacci Ratios
Fibonacci Ratios has found their validity in finance over centuries and their success in forex is nothing short of a revolutionary phenomenon . This is strongly based on the fact that the forex market is patterned around these numbers called Fibonacci ratios. Support, Resistance , Market turning points are patterned around these levels, that is why these levels should be a base in every trading system. Flag Pennant Scanner is designed to function with Fibonacci ratios, every retracement level and trade exit points are defined by the fibonacci ratios especially the 0.618 golden ratio.
Indicator Fundamental #2 - Wave Advancement Ratio (Elliott Wave)
The Elliott Wave theory has found its validity in Forex over the centuries, the theory defines that price comes in waves . Advancing waves are waves with increasing cycles in its sequence and a declining wave is a wave with decreasing cycle in its sequence. Wave Advancement Ratio (WAR) is a term we have coined to define the rate of advancement or decline in a wave cycle. When WAR is positive then the wave is advancing and would most likely continue in the trend direction, when WAR is negative that means a decline in wave cycle and a potential trend change. Wave Advancement Ratio forms the basis for the trading strategies inbuilt into Flag Pennant Scanner.
Two trading strategies are inbuilt into the EA.
#1 61.8% Retracement Strategy : This strategy is designed to trade a shallow retracement of an advancing wave, this shallow retracement should be less than 61.8 % of the previous wave.
#2 Ichimoku Flag Strategy : Ichimoku Kinko Hyo indicator is one trend indicator that has distinguished itself among many. The strategy combines Ichimoku Trend Analysis with the flag Pattern to define possible areas of trend continuation.
Note : The inbuilt Flag Pattern trading strategies are still in a development stage and are not perfect strategies yet . We have created a blog which is meant to attract a community of people who want to develop the perfect Flag Pattern Trading System. So join in, share your ideas and learn from others. It is our hope that we will develop that perfect system together
Other Product Features
- Multi-Currency Dashboard : The scanner has a multi currency dashboard that displays patterns for 28 pairs.
- Multi-Chart Display : The scanner displays patterns in all opened charts when multi-chart display is enabled.
- Take Profits (Potential Reversal Zones): The indicator displays potential reversal zones as take profits. These zones are calculated as an extension of the flag pole.
- Stop Loss : Also the indicator displays an ATR stop loss calculated flag pole for each pattern.
- Notification: The indicator has a Pop-up Alert , Email and phone notifications.
The user manual is only available to those who have purchased or rented the Flag Pennant Scanner. Contained in the manual is an explanation of the Wave Advancement Ratio and also explanations of the Ichiomuku Flag Strategy and 61.8%(Golden Ratio) Flag Strategy. After purchase or rental, send us a message with proof of your purchase and the Manual will be mailed to you with 24 hours.