This bearish pennant formation on the daily chart of the EUR/AUD currency pairs presents a bearish breakout trading setup. The pennant and its pole are shown with the yellow lines. My potential take-profit level is marked with the green line. My potential stop-loss level is marked with the red line. I will wait for a close well below the pennant area before entering with a market order.
Comment:
The pattern has transformed into a bearish flag. Opened Sell @ 1.60811, SL=1.62560, TP=1.58642 at 9:18 UTC today.
Trade closed: target reached:
TP of 1.58642 reached today at 11:51 UTC.
You can find useful tools to detect, build, and trade chart patterns - all completely free on www.earnforex.com.