Bullish Pennant Formation
SwingPRO Trade Example
EURUSD | 2013/01/29 | 80 pips
Description: A pennant formation is a continuation pattern with converging support and resistance lines. Here we see a bullish pennant formation where we only looked to trade a resistance break. (ref# 1224)
Tuesday, January 29th 2013 @ 9:09 UTC - Trade Setup: Long on a resistance break with a TP of 80 and a SL of 50.
Wednesday, January 30th 2013 @ 17:04 UTC - Result: 80 pips Our trading plan for EU (and AU to a lesser degree) was picture perfect as our long was triggered yesterday at 1.3471 on the 2:24p GMT break of resistance. That trade stayed open to hit our TP of 80 pips (and more if you stayed in the trade).