Let’s check an example showing Bearish Flag in one time frame and Bullish Flag in another time frame. This is an example of Bearish Flag by NIFTY Bank in 15 Minutes time frame –
As said earlier, This is 15 minutes time frame.
But, when we check the 1 hour time frame, You can see a bullish flag in formation.
But, There is no trigger on this bullish flag. It broke the lower trend line.
This tells the story that Flag Pattern also is subject to modification based on the conditions. Anyways, It finally it broke upside –
The Flag and all modifications are done live and verifiable at https://in.tradingview.com/chart/BANKNIFTY/GgqkUOKs-Theta-BankNIFTY-Put-Spread/.
The trade triggers only and only at the confirmation of breakout which did not happen in this case as the market got closed.