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Pennant

Descending Triangle, Hidden Pennant GUGBP/USD has been falling since July 14th and now is looking like its trapped within what looks to be a Descending Triangle or Pennant considering the current Low is higher in the Support zone then the Previous. The Descending Triangle made of Lower Highs into the Support Zone should typically give us a Bearish Break where price continues LOWER! -What makes this a special case to me is the possible presence of a Pennant! The Pennant is made up of Lower Highs into Higher Lows, consolidating into a "Pinch Point" where eventually price will break Bullish OR Bearish. -Typically the break will happen in the direction price was heading prior to entering the pattern BUT there is potential for price to play within the Pinch Point until giving a Proper Break!! **Patterns are known to fail 1/3 of the time SO BEWARE OF FALSE BREAKS!!! -Fundamentally, USD & GBP have: Employment Cost & Consumer Confidence (USD) - Tuesday ADP Non-Farm Employment, JOLT Job Openings, Federal Funds Rate & FOMC Statement and Conference (USD) - Wednesday Monetary Policy Statement, Official Bank Rate Votes, Bailey Speaking (GBP) and Unemployment Claims (USD) - Thursday Average Hourly Earnings, Non-Farm Employment Change & Unemployment Rate (USD) -Friday **With the heavy news week, ANYTHING CAN HAPPEN!! My gut is giving me BEARISH vibes with the analysis of this chart and I believe USD could be finding support after its stunning comeback later in the week last week!!
Short
by Novi_Fibonacci
2
Bullish Pennant PatternIn this guide, we unveil the secrets of Bullish Pennant pattern, exploring its psychology, identification, and trading strategies. If you appreciate our charts, give us a quick 💜💜 Understanding the Bullish Pennant Pattern: The bullish pennant emerges post an uptrend, forming a small symmetrical triangle (the pennant) during consolidation. This pattern signifies a battle between bulls and bears, ultimately leading to a breakout, usually upward, signifying the continuation of the uptrend. Components of the Bullish Pennant Pattern: An Uptrend: A prerequisite for this pattern, characterized by higher highs and higher lows. A Pennant: A small symmetrical triangle forming after the uptrend, indicating consolidation. A Breakout: The essential phase, marking the continuation of the uptrend, often occurring upwards. Trading the Bullish Pennant Pattern: Psychology Behind Bullish Pennant: A reflection of market consolidation after bullish momentum, highlighting the buyers' dominance. Bullish Pennant vs. Bearish Pennant: Bullish pennants signal uptrend continuations, while bearish pennants suggest downtrend extensions. Bullish Pennant vs. Bull Flag: Bull flags form after sharp rallies, while bullish pennants appear after extended uptrends, marked by converging trendlines. Stop Loss Placement: Consider placing your stop loss at the pennant's resistance line for risk management. Profit Target Setting: Customize your profit target, aligning with the pattern's flagpole height or a conservative approach, harmonizing with your risk management strategy. Trade Wisely! Follow us for expert trading tips and strategies!
Education
by Vestinda
Pennant - AJAUD/JPY price action has outlined what looks to be a Pennant Pattern shown here on the 4Hr chart. Pennant patterns are made up of a Lower Highs and Higher Lows into a "Pinch Point". These patterns, given the right circumstances, break Bullish OR Bearish so its important to monitor price while its in "No Mans Land" and WAIT FOR THE PROPER BREAK so the market shows its hands and direction! Fundamentally, AUD has a heavy news day with CPI and Gov Bullock speaking on Tuesday along with JPY having its Tokyo Core CPI on Thursday! *BEWARE OF FALSE BREAKS!!!
by Novi_Fibonacci
1
XRPETH falling wedge/bull pennantWe can see that price action is reaching the apex of the white wedge/pennant and that the orange 50ma has now entered the pennant. Looking at where the stoch rsi currently is, odds are good that price can maintain support on the 50ma and that it could help lift or bounce price up out of the pennant and send it heading towards the breakout target. I have only posted the pennant breakout target here, the target for the wedge on its own will be a lower than this one, however I see that the pennant target share bullish confluence with the double bottom target so I feel that increases the odds that the breakout could result in it hitting the full pennant target instead of just the wedge target. Of course until a breakout is confirmed there’s still a chance it could go below the pennant and break downward instead although much less probable…it could also always do the classic fake like it’s breaking down when its really just pullling bad the slingshot before rocketing back upward and out of the pennant. We will likely see soon enough before September seems likely. *not financial advice*
by DrDovetail
2
XAU/USD | Trend Reversal - Time to Buy!👋 Good day, traders! Let's delve into a couple of potential scenarios: 📉 After XAU has worked off its local lows and returned to its previous positions on D1, it's now shaping a new upward trend. Following a minor correction to $1920, a "Pennant" continuation pattern has formed. Upon breaking the resistance level at $1935.00, it's poised to continue its ascent towards target levels of $1960.00 and $1980.00. I recommend considering buys from an aggressive level of $1945.00 and a conservative level of $1938.00, with a potential profit range of 0.8% to 2.0%. Set your SL at ~$1930.00. ✅ Give a 👍 if you're keen on more insightful and profitable trading ideas❗️ ❓ I'd love to hear your thoughts. What's your take on this? DISCLAIMER: This idea is purely informational and educational. It's not a trading recommendation. Each trader should analyze and make decisions based on this information independently.
OANDA:XAUUSDLong
by Maxim_Lushnikov
Triangle Accumulations: The Key to Bitcoin's BullRun?📈 Hey Crypto Enthusiasts, As we explore the fascinating history of the crypto market, we can't help but notice the recurring patterns that have paved the way for significant bull runs. In 2012, 2013, 2016, and 2019, we observed massive triangle accumulations just before explosive price surges. The question on everyone's mind is whether we'll see a similar pattern before the next bull run. 📊🚀 A History of Accumulation: In the years mentioned, the crypto market exhibited intriguing behavior. Price action formed substantial triangle accumulation patterns. These consolidations often hinted at a market preparing for a major upward move. 📈🌕 Patterns of the Past: The symmetry and persistence of these triangular formations, each preceding a significant bull run, have caught the attention of seasoned traders and crypto enthusiasts. 🧐 Will History Repeat Itself? While history doesn't always replicate, these patterns serve as compelling indicators for what might lie ahead. The crypto market remains unpredictable, but past patterns can offer valuable insights. 🌐🔍 Trading Strategy: Pattern Recognition: Keep an eye out for similar accumulation patterns in the crypto market. While not foolproof, they can provide hints about future price movements. Fundamental Analysis: Stay informed about developments, adoption, and news in the crypto space, as these can influence market sentiment. Patience and Caution: Be patient and cautious with your trading decisions. Utilize risk management techniques like stop-loss orders to protect your investments. Conclusion: The crypto market is an ever-evolving landscape, and historical patterns can serve as guides but not guarantees. While the past indicates the potential for triangle accumulations before significant bull runs, it's essential to approach the market with a balanced perspective and a well-informed strategy. The next bull run may or may not follow the same script, but being prepared and vigilant is your best strategy in the world of cryptocurrencies. ❗️Get my 3 crypto trading indicators for FREE❗️ Link below🔑
by AlexWhale
RIPPLE - Price can break resistance level and then continue riseHi guys, this is my overview for XRPUSDT, feel free to check it and write your feedback in comments👊 Recently price bounced down to $0.4590 points, thereby breaking $0.4945 level, which coincided with support area. After this, price started to rise inside rising channel, where it rose higher of this level and reached resistance line of channel. Then Ripple bounced down to $0.4945 level, exiting from channel, and then Ripple rose to resistance line of pennant. But then price bounced and made strong downward impulse to support line, thereby breaking $0.5350 and $0.4945 levels. Also recently, price exited from pennant and now it trades very close to $0.4945 level in support area. Possibly, Ripple can break this level, make retest, and then bounce up to $0.5150 level. If this post is useful to you, you can support me with like/boost and advice in comments❤️
Long
by WalterMoon
10
Bitcoin can make a small correction and then rebound up to 27400Hello traders, I want share with you my opinion about Bitcoin. By observing the chart, we can see that the price some days ago started to decline inside the downward channel, where it declined until to 26400 support level, which coincided with the buyer zone. In a short time price broke this level, exited from the channel, and entered to upward pennant, which rebounded from the support line and made a strong upward impulse to the 28000 resistance level, which coincided with the seller zone, thereby breaking the 26400 level. Also soon, BTC broke the 28000 resistance level and rose to the resistance line of the pennant, but at once rebounded and made a correction below this level, making a fake breakout. After this movement, the price rose back to the resistance level and some time traded very close, and later Bitcoin bounced down to the support line of the pennant. A not long time ago, it broke this line, thereby exiting from the pennant and declining lower. Also, the price started to rise and now I think that Bitcoin can make a small correction, after which it can rebound up. For this case, I set up my target at the 27400 level. Please share this idea with your friends and click Boost 🚀
Long
by LegionQ8
25
Ripple can break resistance level, make retest and continue growHello traders, I want share with you my opinion about Ripple. Looking at the chart, we can see how the price some time ago rebounded up from 0.4860 current resistance level, which coincided with the resistance area to 0.5235 resistance level inside the upward channel. But then the price started to fall and in a short time price fell to the support line of the channel. Next, Ripple made an upward impulse until to the resistance line of the channel, broke the 0.5235 resistance level, which coincided with the seller zone. After this price rebounded and declined below this level, but at once rose back to the resistance line and then started to decline. Ripple in a short time declined to support line of the channel, thereby breaking the 0.5235 level, and also entered to the downward pennant. After exiting from the channel, it delcined until to support line of the pennant, breaking 0.4860 current resistance level, and a not long time ago price rolled up to the resistance line. Now Ripple is traded very close to the 0.4860 level and I think that price can break this level, thereby exiting from the pennant too, and after this, the price can make retest and then continue to rise. For this case, I set my target at the 0.5050 level. Please share this idea with your friends and click Boost 🚀
Long
by LegionQ8
9
Bitcoin can rebound down to 26500, thereby exiting from pennantHello traders, I want share with you my opinion about Bitcoin. Looking at the chart, we can see how the price a few time ago rebounded from the resistance line of the triangle and made a strong downward impulse to the 25800 support level, which coincided with the buyer zone, thereby breaking the 28000 level. Then the price bounced up and some time traded near the 25800 level and later even made impulse up to the resistance line of the triangle, but at once rolled back. Also soon, the price declined lower buyer zone to support line of pennant and at once started to rise. Bitcoin in a short time rose to 27500 points, thereby exiting from the triangle and after this, it made a correction to the support line. After this movement, the price continued to move up and even later it rose to the resistance line, but soon fell back to the support line, making a fake breakout. As well recently BTC made a fake breakout of this line too and now the price trades very close to the support line inside the pennant. I think that Bitcoin can rise a little more and rebound, thereby breaking the support line. For this case, I set up my target at 26500. Please share this idea with your friends and click Boost 🚀
Short
by LegionQ8
15
BITCOIN - Price can start move up to $28200, exiting of pennantHi guys, this is my overview for BTCUSDT, feel free to check it and write your feedback in comments👊 After price bounced from $26200 support level, which coincided with support line, it started to move up. Bitcoin reached resistance line, which is located inside support area, breaking $27400, but at once bounced back to support line. Later price fell to support area, where it entered to pennant and made strong upward impulse to resistance line. BTC broke $27400 level, and soon it bounced down of resistance line to this level, where it some time traded. Then price rose to resistance line again, but recently BTC fell and at the moment it trades near support line. In my mind, Bitcoin can bounce up from support line and start rise to $28200, thereby exiting from pennant. If this post is useful to you, you can support me with like/boost and advice in comments❤️
Long
by WalterMoon
21
AMZN bear flag. Must touch white TL before turning bullish. ~120This is a classic bear flag and trendline rejection on the daily. There is no floor for AMZN buyers to keep the price up here. Next floor and support is the white TL. We also saw NASDAQ:AMZN breakout under a long term trend here. 120 is just a mini target. They'll tell you markets are turning bullish but give it 1-2 weeks until they start pumping out, "Gov Shutdown Looming" headlines again. Manipulation is common and allows the markets to be liquid. Stop falling for it. In my opinion, today was a bull trap. Look at the SP:SPX AMEX:SPY CAPITALCOM:US100 chart: I said yesterday in a minds post that we'll pump to 430 then re-evaluate. I did not expect 430 to hit the next day. This is crucial and is usually a sign of weakness. Could be wrong. Welcome to follow & trade with us - many callouts this month including NASDAQ:NVDA @ 415 NASDAQ:TSLA @ 234 NASDAQ:AMD @ 95
NASDAQ:AMZNShort
by kingdips
1