USDCAD - Quick channel trade

FX:USDCAD   U.S. Dollar / Canadian Dollar
45 3 1
Targets as shown in the chart. Forming a nice pennant on the Daily time frame. We'll see how it resolves overall, but I'm anticipating we colour inside the lines for a bit longer.
I don't understand. Pennant (I just learned about them) are trend continuation patterns. The previous trend is bullish. So it would make more sense to have a bullish trend on the exit of the pennant (bearish cone). See my illustration to see what I mean.
DanLaffas nonobeijing
Yep this is forming a bullish pennant and the expectation would be for a bullish resolution. I'm just anticipating one more internal wave before the break out. I've kept the stop fairly tight - set just above the previous hight rather than the late January high.

If this trade pans out, I will be looking to go long and holding it for the breakout to new highs.

Best bet is to follow your trading plan and rules. Thanks for the comment.
+1 Reply
nonobeijing DanLaffas
OK. Fair enough. :) thx!
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out