DanLaffas
Short

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.
snapshot
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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!
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