I spotted a bullish pennant forming after a strong impulsive move upward. Price is currently consolidating in a tight range with lower highs and higher lows, forming the pennant shape.
I’m watching for a second breakout above the upper trendline with volume confirmation. My entry would be slightly above the breakout candle, with a stop loss below the pennant and TP based on the measured move from the previous impulse.
I’m watching for a second breakout above the upper trendline with volume confirmation. My entry would be slightly above the breakout candle, with a stop loss below the pennant and TP based on the measured move from the previous impulse.
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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.