This bearish pennant formation on the daily chart of the EUR/AUD currency pairs presents a bearish breakout trading setup. 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. I will wait for a close well below the pennant area before entering with a market order.
Note
The pattern has transformed into a bearish flag. Opened Sell @ 1.60811, SL=1.62560, TP=1.58642 at 9:18 UTC today.Trade closed: target reached
TP of 1.58642 reached today at 11:51 UTC.
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You can find useful tools to detect, build, and trade chart patterns - all completely free on earnforex.com.
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.