Pennant (Continuation Pattern)

A pennant can be used as an entry pattern for the continuation of an established trend. The formation usually occurs after a sharp price movement that can contain gaps (known as the mast or pole of the pennant) where the pennant represents a period of indecision at the midpoint of the full move, consolidating the prior leg. The price is contained by a small symmetrical triangle that begins wide and converges to a point as the pattern develops.

Bullish pennants can form after an uptrend, bearish pennants can form after a downtrend. The pattern is complete when price breaks out of the triangle in the direction of the preceding trend, at which point it will likely continue in this direction. Conservative traders look for additional confirmation of the trend continuing. The target can be estimated by the technique of measuring the length of the mast and extending it in the direction of the breakout. A common stop level is just outside the pennant on the opposite side of the breakout. Pennants should not be mistaken for triangles, which are distinct price patterns.
ranggawardonce ranggawardonce XAUUSD, 60, Long , 2 hours ago
XAUUSD: Gold day trading plan 27 Feb
16 0 1
XAUUSD, 60 Long
Gold day trading plan 27 Feb

Gold overall trend is bullish Support (structure) is 1239 Support (last wave) is 1249 now is pennant continuation bullish Scenario 1. buy on breakout pennant 1260 Scenario 2. wait price action at support

TomHall TomHall TOP GBPJPY, D, 2 days ago
GBPJPY: GBP.JPY - Long & Short Breakout Opportunity
1835 13 69
GBPJPY, D
GBP.JPY - Long & Short Breakout Opportunity

The GBP.JPY is one pair on my watchlist into Monday / Tuesday. There is a potential long opportunity on the breakout of a pennant formation looking to retest the 144.500 level. Alternatively we can look short on the breakout looking for a retest of the 138.000 level. Price respecting the Daily EMA, 141.00 psychological level and the Daily pennant formation. I ...

Ou-Lab Ou-Lab AUDJPY, 60, Short , 5 days ago
AUDJPY: AUDJPY for sell
77 0 8
AUDJPY, 60 Short
AUDJPY for sell

We have 2 confirmations for the short trade, the head and shoulders-Pennant patterns, if the trend line was broken, we still going short, otherwise, we go then long following the butterfly pattern.

SeekingDelta SeekingDelta PRO JNUG, 60, Long , 2 days ago
JNUG: JNUG bull pennant
103 3 2
JNUG, 60 Long
JNUG bull pennant

JNUG bull pennant

CryptoCoinNomad CryptoCoinNomad XMRBTC, D, Long , 9 days ago
XMRBTC: Will Monero (XMR) hit a new all time high in May?
860 0 10
XMRBTC, D Long
Will Monero (XMR) hit a new all time high in May?

A bullish pennant (in green) has been developing since a bounce off of support at 0.0096 in late December 2016 reaching a peak and finding resistance at 0.0167. A cup & handle pattern has been clearly identified and at first it looked as though XMR would be ready to take off in early February 2017 buoyed by the anticipation that Jaxx would be adding an XMR wallet ...

sikhumbuzo sikhumbuzo XAUUSD, 240, 3 days ago
XAUUSD: interesting setup
89 0 6
XAUUSD, 240
interesting setup

a bullish pennant has broken it's structure to the upside on the 4hr chart but has hit a very strong area of resistance that can be seen in the daily chart. the next 4 hour candle will be the deciding factor of where the market will head to next.

haylettc haylettc PRO GBPUSD, 240, Short , 7 days ago
GBPUSD: Bearish GBP Forecast
59 0 4
GBPUSD, 240 Short
Bearish GBP Forecast

Due to abysmal data released for the British Pound over this last week, the Pound was unable to form a significant rally before Brexit concerns took the helm with the approach of the March deadline on formal exit negotiations. We now have a bearish pennant. We will sell at 1.24700 if it is reached.

EXCAVO EXCAVO TOP GER30, D, Short , 10 days ago
GER30: DAX-30
631 3 54
GER30, D Short
DAX-30

I see pennant

Rashad Rashad ETHUSD, D, Long , a month ago
ETHUSD: Bullish Pennant in ETHUSD
411 0 7
ETHUSD, D Long
Bullish Pennant in ETHUSD

ETHUSD has been spending some time now above its 200 day MA since crossing below in 2016 on bearish momentum fueled by DAO hacking. It appears that a bullish pennant has formed. Additionally, the resistance line is above the 200 day ma. I believe that there will be a continuation of the trend that pushed Ethereum out of the sub $10 range.

basilabuto basilabuto PRO USDJPY, 240, Short , 2 days ago
USDJPY: UJ Continuation Pattern?
42 0 7
USDJPY, 240 Short
UJ Continuation Pattern?

Potential pennant.

Kevinkw Kevinkw GBPUSD, W, Long , 3 days ago
GBPUSD: Bullish engulfing weekly GbpUsd
29 0 6
GBPUSD, W Long
Bullish engulfing weekly GbpUsd

Bullish Engulfing weekly GbpUsd - Supporting pennant break up on a lower daily timeframe

mtsport mtsport CHFJPY, 60, Long , 3 days ago
CHFJPY: Pennant Setup
9 0 4
CHFJPY, 60 Long
Pennant Setup

Long Stop 112.22, Stop 111.86, Target 113.13, R/R = 2.58, Move to B/E at 112.65

nikitafen46 nikitafen46 EURUSD, 60, Short , 6 days ago
EURUSD: EURUSD 1h Bearish Continuation Pattern
120 0 9
EURUSD, 60 Short
EURUSD 1h Bearish Continuation Pattern

A chat full of traders can probably argue about the name of this structure - flag, triangle, pennant, channel Either way, this is indicative of more bearish action when the support of this is broken. I've recently taken to only trading the best setups to decrease my losses, and this is it at the moment. UJ and EU for now.

naiveme naiveme GBPAUD, 240, Long , 7 days ago
GBPAUD: GBPAUD
39 0 8
GBPAUD, 240 Long
GBPAUD

Pennants breakout & potential AB=CD move.

naiveme naiveme GBPJPY, 240, 7 days ago
GBPJPY: GBPJPY
25 0 5
GBPJPY, 240
GBPJPY

Possible pennants breakout in coming weeks.

naiveme naiveme USOIL, D, 8 days ago
USOIL: USOIL
71 0 10
USOIL, D
USOIL

Pennant breakout? Lack of confident on this setup but let's see how it work out.

Shizaru Shizaru USOIL, 240, Long , 23 days ago
USOIL: Pennant on CRUDE OIL
146 1 7
USOIL, 240 Long
Pennant on CRUDE OIL

huge movement soon on crude oil. usually pennant is continuation pattern so 70% bull chance 30% bear chance

CryptoCoinNomad CryptoCoinNomad XMRBTC, D, Long , a month ago
XMRBTC: Monero Cup & Handle
292 1 5
XMRBTC, D Long
Monero Cup & Handle

Despite a drop in price over the last several days, partly coinciding with a rapid climb in Bitcoin price, we can see a clear cup & handle pattern forming, along with XMR testing a support line (top pink line) which has been in place since November 2016 and a bullish triangle/pennant. This could all be an indicator that February through to March at least is going ...

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