slindstr
Long

GBP/JPY Bullish Penant 60 Min Chart

FX:GBPJPY   British Pound/Japanese Yen
I've never traded a Bullish Penant before, but I think this is one because we had a sharp climb in price followed by consolidation with slightly lower highs and higher lows.

To trade this, place a place a limit order right above the penant (maybe 186.083?) and once you're filled place a stop below the most recent low in the penant. To estimate where we're headed we measure the height of the mast (the blue shaded area) and we place a SELL order that many pips (~ 58) above our initial limit.

Pretty nice risk/reward!
I might be totally wrong on this because I'm new to trading - would love some feedback!
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The penant is much more apparent on the 4 hour chart:
snapshot
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slindstr slindstr
Cleaned this up a bit more - I guess I can't edit the chart in an idea once it's published :|
snapshot
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