New TA/Charting, page-12440

Hi @FlashPoint. Fair enough but I think the high and tight flag could quite easily develop in to your TED should price continue to rise, basically a pattern within a pattern- both being valid. But I'm not sure why this wouldn't qualify as a high and tight flag with a confirming close above the breakout level. And look where price has tested to so far today- exactly the $2.67 breakout level.

I'm not a breakout trader normally as I'd rather get in underneath the breakout level with a tighter stop for most patterns, but yes I agree common opinion is that this is less safe. However I think the higher margins and better Risk v Reward justifies the earlier entries with tighter stops and more risk protection options, so not necessarily high risk. In this case however, the breakout confirmation suits this particular pattern to me because the trading range of the flag was so tight anyway, so I thought might as well wait for the confirmation (although I was sorely tempted to jump in earlier!).

Cheers, Rooster.