- Bullish Pennant created in EURNZD.
HH and HL shows a quick uptrend before pattern start being made.
Four touches between TL, so pattern is valid. Less than 21 days also.
We look for a bullish breakout, as pattern is bullish and daily trend also.
After the breakout, we see a re-test and entered position in the next candle (moment I saw the breakout). Its a bearish candle, but polarity has been made with the re-test so we open the trade anyway.
Measure the previous uptrend and use same amount for TP2.
TP1 is 50% movement of TP2.
SL below Pennant minimum point.
Trade stängt: målet nått:
Todays´s GAP caused by OPEC and COVID-19 news, accelerate the movements and TP2 was hit. Price opened exactly in a historical value zone (Minor Zone).