This long-term bearish pennant on the weekly chart of EUR/NZD provides a bearish breakout trading setup. The pennant and its pole are marked 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. A short trade can be entered once a week closes well below the pennant's lower border.
Trade active
Short trade entered @ 1.70070 yesterday at 22:46 UTC. SL = 1.73463, TP = 1.62714.Trade closed manually
Closed manually today at 9:32 UTC at 1.68426 due to the pattern going obviously too old.
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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.