Pennant nearly at the end its time to wait for the breakout.
Comments
PhilIvey
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pennants are supposed to be continuation patterns, if u think it s a pennant then the only breakout you should conisder is to the upside
CandleReaders
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@PhilIvey, Hi, you are absolutely right the pennant basicly a continuation pattern. The only reason i expcet a passible bearish move is the massive resistance level just above the pennant on daily chart.
Thank you for your comment
PhilIvey
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@MyFxLife, I see, so you consider we have a breakout down now ? Merry Christmas !
PhilIvey
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@PhilIvey, Also why FXCM rates differs from Oanda so much lol it s 10 pips
CandleReaders
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@PhilIvey, I guess the rates differs only because they shut thier trading servers in different time zones at the end of friday.
I expected a breakout upside for this pennant but only a short one because of that resistance level. According my scenario after the upside
breakout the price could bounce back from the structure and fall below. But yes your right i didnt share enough information about my idea.
Merry Christmas! :)