A bullish pennant pattern has formed on the
On the present chart, the yellow lines show the chart itself, with the sharp rally creating a flagpole, while sideways movement occurred inside the pennant. The cyan line is situated 10% of the flagpole’s height above the pennant and offers an entry point for long positions in case of an upside breakout. The green line is at the flagpole’s length above the pattern and provides a
You can click on the image to see a
The chart was built using the ChannelPattern script. You can download a MetaTrader 4 chart template for this gold pattern. You can also trade it using the free Chart Pattern Helper EA.
Update 2018-07-09 11:36 GMT: Gold has performed a textbook example of a breakout from a bullish pennant pattern today at 5:16 GMT. The entry level triggered at 1259.94 with a
Update 2018-07-10: Unfortunately, the strong breakout rally did not help this trade as gold tanked and hit the
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