Is it normal enough that after a trade is filled that it comes back into the flag (bull) and bounces along like that for quite a few days before it thinks about going back up through the original buy stop order level again?
This is something that can happen.
Ideally when the stock breaks out it keeps going, takes out our first profit target and then some more on top, which you manage by use of Guy's Dynamic Trailing Stop.
When the markets are breaking out big time either way, then that's how we make our best windfall profits.
Typically, we put a stop under the (bull) or over the (bear) flag or consolidation, if you're particularly unsure then you can get out of the trade if the stock breaks out and comes straight back into the flag again.
Your losses will be small, and controlled, but you will have more trades stopped out in that way.
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When you get triggered on day 1, are you happy to let it all automate? i.e. let you stop/limit take you out without looking at the charts again?
You have to manage your trade, profits, and losses, according to the trade plan. This means that you revisit every open position or order on a daily basis. First profit can often be automated by means of a limit order, it depends on your broker ...
If the entry price of the flag or consolidation is hit, but then the market just starts moving sideways not hitting either entry or stop loss. Is there a point where I can say this is not the typical flag trader trade and just exit?
Yes, it's typically where it stops being a flag or consolidation, becomes range bound, and other opportunities look better. Also, watch to see if the OVI remains in the direction of the dominant trend, and the presence of Big Money Footprints, ...
How long would I be typically in a trade (Hours, days, weeks)?
Once you have taken your first profit target, you'll need to manage the trade using Guy's Dynamic Trailing Stop on the stock price (underlying stock price if trading options). All these are explained in the training videos. Therefore, you could be in ...
The trades I have put on have not worked, I’ve made some losses, what am I doing wrong?
The only way you can lose money with these methods (if applied correctly) is on a false breakout. In other words, you get triggered into a trade, and then it retraces and stops you out before P1. This scenario is highly unlikely if: A) The flag or ...
What do you consider a "properly constructed breakout?"
What we mean by that is a breakout that is preceded by a flag pattern, consolidation, or a clear support (or resistance) area. The chart patter should be neat and tidy, and not regularly be subject to gapping or huge daily ranges. This should be ...