expect a momentum move to the upside soon if we can take out the highs of the last hour. conservative stops below the pennant, aggressiv stops below the lows we make from now on till the break of the highs.
Upside target 1.35450 I got a pretty good risk : reward here, with a hold of price by tht 50% Fib level. I'm going long again. Cheers.
This pennant is soon to be defined. I think we can still go down to the lower support and that will be a definition point in case it bounces back up.
Greetings Fellow Traders, Several days ago I posted about a potential long opportunity regarding the GBPCAD pair, you can see the link below, however the key to that trade relied on a daily close above the key technical level of 2.03300...a confirmation we never received. If you trade lower time frames there were clear opportunities to short this pair down to a...
Breakout started upwards out of the triangle and started a Pennant pattern. The breakout should continue upwards from the Pennant but wait for confirmation. Watch for throwbacks.
In my last post on this pair (see Related Ideas: "FULL ANALYSIS: GBPUSD - Still Heading Lower In A Wave (iii)"), I was predicting that this pair would descend in a wavve (iii) continuation. I must admit to being WRONG! Wrong in that I thought it would get rejected by a MAJOR SR Structure and would descend. That didn't happen. In fact, I even issued a SELL trade on...
SIGNAL SELL BASED ON PATTERN DOUBLE TOP AND PENNANT . MORE DETAILS TO CHART . GOOD LUCK
Nice steep pennant setup. Friday may have been the first day of it breaking upward. Stoch RSI looks good for the movement. Wait to see what Monday looks like and if it continues to move up and breaks out of that pennant, then target price will be $63.55. thepatternsite.com thepatternsite.com
This pattern is almost finished but it should still have a few more days left of upward movement to reach the target price of $46.78. thepatternsite.com thepatternsite.com
Post FOMC Statement the pair has created a double top and dropped steeply down into a bearish pennant. This is a continuation pattern so the bias is bearish and I expect a break out to the downside and target the length of the pole to the low of the candle that was created when the FOCM statement was released (120.02).
The price drew lots of lower lows, but it is still challenging to pin point which the direction will be. I tend to believe in a down move. A break and close, 60 minute time frame, below 134.50 would be a good signal for a bearish move. A false break below this local support and a rally above the upper line of the Pennant would be a strong bullish signal.
WTI oil is consolidating into a bullish pennant. Upper breakout is likely to be followed by continuation of the bullish wave. Yellow lines show the pattern, cyan line is the entry, green line is the target. Stop-loss can be set to the low of the breakout bar.
Yesterday's upper movement failed to cut through its EMAs, disabling any further movement that would break the consolidation it is going through, it has been a week. Breaching 44.33 will send Oil south to 40.26, with 42.71 as a primary objective. Breaking through 45.85 will send Oil towards be sent towards 46.36, which breaching will induce a rally with 51.54 as...
Oil rejected the pennant, as it has breached 44.85, though the main slope was a bit high. Yesterday's upper failed to cut through its EMAs, which suggest the trend to be bearish. Breaching 44.33 will send Oil south to 40.26, with 42.71 as a primary objective. Only by breaking through its EMAs, Oil would be sent towards 46.21, which breaching will induce a rally...
With false breakout capped by 50 day moving average, we could see a break to the downside if the daily candle closes below current level. We could see a retracement back to support at 118.3xx
Oil seems to have rejected the pennant, it cut through 44.85, which will send Oil back to 40.26, with 42.71 as a primary objective. Only by breaking through its EMAs, Oil will be sent towards 46.65, which breaching will induce a rally with 51.54 as an objective. The EMA10 is cutting the EMA20, which suggest the trend to becoming bearish. Volatility was low...
Oil is still stuck around its EMAs, unable to close above them, which would have announced a rally to the top of the Pennant. Instead, it is still showing big signs of rejection, as cutting through 44.85, will send Oil south towards 40.26, with 42.71 as a primary objective. Only by crossing over its EMAs will send Oil towards the blue Trend line, which means to...