Pennant Pattern On The H4 Chart (2021 April 28 ; 20:00)
Trading the Pennant (Symmetrical Triangle). Wait for a close above/below the diagonal level. In this case, wait for a close below diagonal support resistance level. After the close, diagonal support turned resistance. Next, watch for a pin bar to form at the Resistance Line, EMA 10, EMA 20 in a Pull Back.
Enter at closing price of the pin bar, break of the pin bar nose with a sell stop order, or 50% Fibonacci Retracement of the pin bar with a sell limit order.
Stop Loss is place 5-10 pips above the pin bar tail. Or stop loss is placed above the break out candle.
Take Profit is the first point of the trend line. In this case, the take profit level is 0.94906.
Pin Bar is date 28 April 2021 time 20:00.
Enter at closing price of the pin bar, break of the pin bar nose with a sell stop order, or 50% Fibonacci Retracement of the pin bar with a sell limit order.
Stop Loss is place 5-10 pips above the pin bar tail. Or stop loss is placed above the break out candle.
Take Profit is the first point of the trend line. In this case, the take profit level is 0.94906.
Pin Bar is date 28 April 2021 time 20:00.