This chart shows a bullish pennant on the 4-hour chart of the NZD/JPY currency pair. It provides a bullish breakout opportunity. The pennant and its pole are shown with the yellow lines. My potential take-profit level is marked with the green line (86.376). My potential stop-loss level is marked with the red line (84.974). I will wait for the price to close significantly above the upper border of the pennant area to execute a buy trade here.
Order cancelled
Cancelled due to the pattern invalidation.
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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.