Get started

Pennantpattern

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 - ) Please Like & Comment and Stay Tuned ! 👍 Thank You-
BITSTAMP:BTCUSDEducation
by tapasdhanadana
5
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.
Long
by VolveFX
BTCUSD, fake breakout out of Pennant pattern, my favourite !Hello guys, as you can see, my favourite set-up is materializing in BTCUSDT chart. There was a fake breakout to the top out of Pennant pattern and then price corrected itself and did what Pennant pattern is supposed to do, continued with the previous trend (which was down). What I will do now, I will wait for red candle to cross and close bellow 9638 support and then go long with the first green candle. As you know, I only trade “color options”, in other words, I bet on the color of the next candle. So, as always, I will place bets that the next 10 candles (or majority of them) will be red. My trade management rules are the same as always: Rules: 1.Worst case scenario: if I will have 4 losing candles in a row, I will take my losses and look for a new set-up. 2.Best case scenario: If I will have 4 winning candles in a row, I will gladly take my profits and look for a new opportunity. 3.I will not trade more then 10 candles in a row and I will stop trading if I am up by 4 winning trades. For example: if my first candle is a losing candle but the next 5 candles are winners, then I will stop trading, since I will be up by 4 wins (5 wins - 1 loss = 4 wins). Please follow, like and comment !
Long
by Candle_Trader