Flag Pattern on ABT, the way we will trade it

Today we will show our analysis and setup we are planning to take on ABT

Technical Overview:

-The price is inside an ascending channel

-Currently is in contact with a key support resistance zone + the ascending trendline

-In Technical analysis confluence situations provide interesting places to think in terms of buying or selling pressure


Setup development:

-We can see an ABC pattern on the confluence zone (support resistance zone + ascending trendline)

-IF the price reaches the green line we will consider that as a trigger for our view. We will set stop loss below the structure, break-even on the first fibo extension and take profit on the final fibo extension

-IF the price doesn't reach the green line, and keeps falling below the Flag pattern, we will cancel our bullish view.

-Risk we are taking on this setup: 1% of our capital



Thanks for reading!