A bullish pennant that has formed on the daily chart of the AUD/JPY currency pair complements the bullish flag on the USD/JPY chart of the same timeframe. One should be very careful entering these two correlated trades to not over-risk their capital. The pattern can be used for a trend-continuation breakout trade if a candle close well above the upper border of the pennant. The pennant and its pole are shown with the yellow lines. My potential take-profit level is marked with the green line. My potential stop-loss level is marked with the red line.
Order cancelled
The trade setup has been cancelled as the currency rate had invalidated the pattern.
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You can find useful tools to detect, build, and trade chart patterns - all completely free on earnforex.com.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.