THE BULLISH PENNANT FLAG PATTERN.
On the 3hours time frame, the price of ETHUSD has maintained a price move right inside a triangular flag which has a pole (price moved up)
Pennants are the workhorses of the day trader.
Price trend can be any direction leading to the chart pattern.
Shape looks like a short symmetrical triangle.
Prices move between two converging trendlines.
Pennants are short, 3 weeks long or less. Patterns longer than that are symmetrical triangles, rising or falling wedges.
The flagpole which leads to the pennant should be unusually steep and last several days.
Volume trend - Downward trend 89% of the time.
Breakout Upward 57% of the time.
NOTE: Wait for possible candle stick breakout before opening a long position.
LONG:
Buy: $263
Sell:$276 up to $337
Stop loss: $235.48
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
On the 3hours time frame, the price of ETHUSD has maintained a price move right inside a triangular flag which has a pole (price moved up)
Pennants are the workhorses of the day trader.
Price trend can be any direction leading to the chart pattern.
Shape looks like a short symmetrical triangle.
Prices move between two converging trendlines.
Pennants are short, 3 weeks long or less. Patterns longer than that are symmetrical triangles, rising or falling wedges.
The flagpole which leads to the pennant should be unusually steep and last several days.
Volume trend - Downward trend 89% of the time.
Breakout Upward 57% of the time.
NOTE: Wait for possible candle stick breakout before opening a long position.
LONG:
Buy: $263
Sell:$276 up to $337
Stop loss: $235.48
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.