Bulish Pennant Set Up GBP/NZD
We could be looking for an UP-TREND Continuation here. I love these trading set ups because you can set yourself up regardless of a continuation or change in direction.
I like to simultaneously place a buy and sell order just above the support and resistance lines of the Pennant setup. As soon as one trade is executed I CXL the other. This way I get into the action regardless. I place my stops at the Opposites entry point. My take Profit is equal to the open end of the Pennant. in this case roughly 150 pips.
BUY ORDER
Entry 1.94944
STOP 1.94450
TP 1.96136
SELL ORDER
ENTRE 1.94450
STOP 1.94944
TP 1.93000
I like to simultaneously place a buy and sell order just above the support and resistance lines of the Pennant setup. As soon as one trade is executed I CXL the other. This way I get into the action regardless. I place my stops at the Opposites entry point. My take Profit is equal to the open end of the Pennant. in this case roughly 150 pips.
BUY ORDER
Entry 1.94944
STOP 1.94450
TP 1.96136
SELL ORDER
ENTRE 1.94450
STOP 1.94944
TP 1.93000
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