FX:USDSEK   U.S. Dollar/Swedish Krona
28 5 2
Buy Pennant breakout
draw the line 8.16478. XCandle 05-12 is a so called markup candle, It traps sellers beneath. - they are in loss forever; candle 03-30 before - was last kill for buyers. it is called markdown candle.
so 05-12 candle buy long has nothing to do with any pennants. It is a fast move of market makers to trap buyers beneath 8.16478
Also candle 05-03 shows agressive reversal. with long wick down --- hunting for stops of those who already wen long in hurry. it is the end of low portion of accumulation part where market makers were buying for themselves at 'wholesale' prices ( low ) to sell later high. and they did went higher
So to buy long you will wait for a candle body to end above 8.36297. cause it is a so called line of dummies : cause every trader in the world drew it and they think it is a "resistance"-line. so a lot of speculative trades are done on rejection downwards. those will be trapped sellers when markUp candle cut up through this line with no resistance at all. - that candle breaking up line of dummies is your entry buy long
For markup and markdown candles that serve as a trap for sellers and buyers respectively the 4 h chart is the right one to look at if it is forex - and you are out of the trade in 24h or less. For indices like ES1! ( e-mini snp) it is 15 min candle - so you could be out of the trade having reached the target in few min or few hours.
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