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A pennant can be used as an entry pattern for the continuation of an established trend. The formation usually occurs after a sharp price movement that can contain gaps (known as the mast or pole of the pennant) where the pennant represents a period of indecision at the midpoint of the full move, consolidating the prior leg. The price is contained by a small symmetrical triangle that begins wide and converges to a point as the pattern develops.

Bullish pennants can form after an uptrend, bearish pennants can form after a downtrend. The pattern has completed when price breaks out of the triangle in the direction of the preceding trend, at which point it will likely continue in this direction. Conservative traders may look for additional confirmation of the trend continuing. The target can be estimated using the technique of measuring the length of the mast and extending it in the direction of the breakout. A common stop level is just outside the pennant on the opposite side of the breakout. Pennants should not be mistaken for triangles, which are distinct price patterns.
naynay97 naynay97 GBPCAD, 240, Short ,
GBPCAD: GBP/CAD pennant formation occured.
45 0 2
GBPCAD, 240 Short
GBP/CAD pennant formation occured.

This looks like a pennant formation as there were 2 wicks that were acting as support and momentum of the current movement is decreasing as well. Place stop loss below nearest support line and price will be taken at the next resistance.

DrGonzo87 DrGonzo87 FCTBTC, D, Long ,
FCTBTC: Factom's Giant Pennant
111 0 4
Factom's Giant Pennant

Factom/FCT looks like it's coming to the end of a long consolidation and is nearing a breakout. If this breaks to the upside we could see a major price movement comparable to recent breakouts like Monero/XMR and DASH. Much of what happens next depends on Bitcoin, but I expect possibly a short-term sell-off to the ~300k satoshi area to retest new structure support ...

shaunsmith100 shaunsmith100 GBPJPY, D,
GBPJPY: Falling Wedge
42 0 2
Falling Wedge

In theory this could be considered a falling wedge on a uptrend? So there for could be a decent long position to previous resistance. Alternatively it could be seen as a pennant pattern. So therefore it could go short. Any feedback appreciated :)

AUDUSD: AUD/USD downtrend continuation
45 0 2
AUDUSD, 60 Short
AUD/USD downtrend continuation

Bearish pennant formed indicating a continuation of the downtrend. This market is coming up to an area of resistance which should trigger some movement to the downside and make a new low. NFP later this week so hopefully out before that.

timmynorin timmynorin AUDCAD, 15, Short ,
AUDCAD: AUDCAD short term SHORT setup
83 1 3
AUDCAD, 15 Short
AUDCAD short term SHORT setup

A good opportunity to get short, and also to "hedge" my NZDCAD long position. Break of pennant to the downside, broken line as resistance together with structure. Fibo 38.2 and 61.8 falls neatly together. Simple trade!

timmynorin timmynorin NZDCAD, 15, Long ,
NZDCAD: NZDCAD 15M short term LONG setup
42 0 6
NZDCAD, 15 Long
NZDCAD 15M short term LONG setup

Inside a forming bullish pennant we find a opportunity to get long with retest of trendline/lower pennant line which should act as resistance, together with the completion of a Cypher-pattern. I entered 0.95435 with target at 0.95633 Stop loss below previous support.

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