Pennantbreakout
GOLD 1712.98 +0.55% SHORT IDEA GOOD DAY TRADERS
IDEA ON GOLD, XAUUSD HAS BEEN RANGING IN A SYMMETRICAL TRIANGLE HOPEFULLY WE WILL SEE A BREAKOUT SOON EVEN THOUGH IT COULD HEAD IN ANY DIRECTION THE PRIOR TREND MAY IMPLY A BREAK TO THE UPSIDE
> FOR NOW HERE IS A SHORT IDEA ON GOLD
> HOPEFULLY THE DIMINISHING VOLATILITY WILL GIVE WAY TO MORE VOLATILITY ON GOLD IN THE COMING WEEKS
RISK MANAGEMENT
PERIOD - SWING
CHFJPY Trade Idea Initiated On 2020/04/20Entry Price Level 111.361
Entry Price Level 111.111
Entry Price Level 110.551
Exit Price Level 109.543
CROBTC looking bullish on the daily again?CRO could be looking promising against BTC again. The MACD on the daily appears to be about to cross up and we could be looking at a breakout from a bullish pennant. If the pennant were to break out as imagined, it would imply a target of around 850 sats. Looking at a slightly longer time frame, this would form an ABC breakout from a (very dubious) cup and handle which started to form in late July last year.
How to Trade Bull & Bear Pennant Pattern | Pennant Tutorial !Pennant Chart Patterns Tutorial !
Pennant Pattern : Pennant Patterns are continuation chart pattern, forms when price of a security or asset makes strong upward or downward movemnt followed by a consolidation period with converging trendlines which forms a pennant before continuing to move in the same direction. Bullish pennant forms in a bullish trend market and Bearish pennant forms in a bearish trend market.
Bullish Pennant : Bullish Pennants are bullish continuation pattern that occurs in strong uptrends and it forms after a sharp climb in price then a consolidation period with converging trendlines. After formation of the pennant, price breaks above the upper trendline of the pennant and continues the bullish trend.
Bearish Pennant : Bearish Pennant is the opposite of a bullsish pennant. Bearish pennant forms after a sharp drop in price then a consolidation period with converging trendlines after that price makes a brekout below the lower trendline of the pennant and continues the bearish trend.
(* Key things to know : In a pennant pattern the period of consolidation should have low volume and the breakout should occur on higher volume like most pattern. Above average volume confirms the breakout. You can also use other indicators like MACD or RSI to know the strength of the breakout. Look at below detailed examples - )
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CAD/CHF Consolidating Watching CAD/CHF for a break out above consolidation - measured move target is just below 70c - approx 40pips 2.4:1 R:R
BTC/USDT H4 " Bullish Pennant" Possible Breakout soon ..?In the H4 there is a consolidation , its forming a bullish Pennant atm.
The Volume is also decreasing thats good for the Pattern.
A bullish Breakout above the UPPER Channel Line would be Bullish Move with a Target 8000$
WATCH OUT for the 50SMA on the Daily , this is why we need a HIGH Volume peak for a valid breakout here.
AND
there is always the possible BREAKOUT downwards so wait for CLOSE above !!!
PennantI spotted a pennant pattern on (GBP/JPY H4) there is potential for a nice short or long position I believe we will see a breakout, I will look to enter a few pips above or below. If you like my idea please feel free to like, comment, & share.
PennantI spotted a pennant pattern on (GBP/USD H4)I believe we could see a break out for a nice short or long position, I will look for entry a few pips above or below. If you like my idea please feel free to like, comment, & share.
BTC Market OverviewPrice is currently trapped on the is pair forming a bearish pennant kind of pattern. I'll be looking at price to do a false breakout triggering the H4 OB and then the drop. Here's my bias on BTC, comments are welcome.
XBTUSD Long (Houston we have liftoff)3 bullish patterns which indicate upward trend
I got an average entry of 6222
$ino possible pennant pattern. Going to move up or down soon. i see a pennant pattern. what do you see?
EURNZD Bullish Pennant
Bullish Pennant created in EURNZD.
HH and HL shows a quick uptrend before pattern start being made.
Four touches between TL, so pattern is valid. Less than 21 days also.
We look for a bullish breakout, as pattern is bullish and daily trend also.
After the breakout, we see a re-test and entered position in the next candle (moment I saw the breakout). Its a bearish candle, but polarity has been made with the re-test so we open the trade anyway.
Measure the previous uptrend and use same amount for TP2.
TP1 is 50% movement of TP2.
SL below Pennant minimum point.
EURGBP: market to decide next trend?EURGBP seems to be very well represented by this pennant. After a very strong up-movement, the price seems to have less volatility, testing several times the key-levels defining the chart patterns.
Also the setup with the moving averages shows that the direction of the market is not clear recently and we might have a breakout in any direction.
In this situation, it makes sense to have two stop entry orders: one above the pennant, waiting for a bullish breakout; one below the pennant, waiting for a bearish breakout.
In this situation, I prefer to stay out of the market for now and decide what to do in case I see a strong breakout.
