The bullish pennant pattern that has formed on the daily timeframe of GBP/JPY chart doesn’t look like a classical example of a bullish pennant. The pole of the pattern consists of several candles and lasts for almost as long as the pennant part. I believe that this doesn’t invalidate the trade setup offered by this formation. More important to me seems the fact that the pennant occurs inside an uptrend.
The chart below shows the pattern marked with the yellow lines. My potential entry level is marked with the cyan line. It is placed at 10% of the pole’s length above the upper border. My potential
I have built this chart using the ChannelPattern script. You can download my MetaTrader 4 chart template for this GBP/JPY pattern. You can trade it using my free Chart Pattern Helper EA.
Update 2019-11-19: The currency pair has hit my entry level trigger yesterday at 7:09 GMT. The position’s open rate is 140.788 with
Update 2018-11-23: The exchange rate pulled away very quickly after the breakout, hitting my
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