A bullish pennant pattern has formed on the daily chart of NZD/JPY. It can be used for a long entry 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. I will enter a trade only on a definite close above the upper border of the pennant.
Order cancelled
After the pattern changed into a bullish flag and broke out, I've canceled it due to very low R/R ratio.
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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.