Pennant Or Flag   

A short sloping rectangle bounded by two parallel trendlines, or a short sloping triangle bounded by two converging trendlines. These formations are short, from a few minutes to few hours. These formations usually form near a midpoint of a steep, quick price trend.

 
Example
 
 
graphic
 
Statistics
Percent of successful flag formations – in uptrend-63%, in downtrend-61%
Percent of successful pennant formations – in uptrend-58%, in downtrend-52%
Failure rate of flag in uptrend – 13%
Failure rate of flag in downtrend – 12%
Failure rate of pennant in uptrend – 19%
Failure rate of pennant in downtrend – 34%
Average time to throwback completion – 2-3 hrs.
 
Trading tactics
Calculate the price difference between the start of the trend and the formation. Prices should move at least this amount above (if in uptrend) or below (if in downtrend) the end of formation.