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Bearish Pennant

AUDJPY : Bearish Pennant ImprovisationHi. It is a period in which the relative data flow in the markets is weak and the uncertainty is high and so I found pattern searching correct. Trade parameters have been expanded to increase the Risk / Reward Ratio. Parameters : Position Size : %1 (0.01) Risk/Reward Ratio : 3.00 Leverage : Max (Minimum 50x) Stop-Loss : 75.370 Goal : 71.164 Extra Support Levels for Take Profit Points : Fibo 0.786 => 73.172 Fibo 0.618 => 71.864 (Major Support) Regards.
Short
by Noldo
USDJPY 1H Bearish Pennant Short TradeWhat are Pennant Patterns? Flag and Pennants meaning Pennant patterns form after a strong price movement. This is because after a strong upward or downward movement the buyers or the sellers take a break and battle for a short period before the trend eventually breaks out and continues the primary trend. Step #1 Apply Parabolic SAR indicator to the chart. The Parabolic SAR indicator will show you where the main trend is heading. Check out our Parabolic SAR strategy here if you want to specifically trade with this indicator. With this strategy, we have this on the chart to help us make a great trading decision when it comes time to make an entry/exit the trade. Step #2 Find a Strong Bullish, Bearish Trend Most likely you will see this occur with 2-5 strong consecutive bullish or bearish candles. There are no Retracement candles; these should be unsustainable upward or downward candles. Notice that the parabolic SAR dots are above the candles, which is an indication that the trend is pushing down. If the dots are below the candles, the trend is going up, if they are above the candles the trend is going down. Step #3 Analyze Consolidation After Big Price Move. After a large pip downward move you see that many sellers got out of this trade and took their profit. Now what is most likely to occur is that there will be a short battle between the buyers and sellers at this point before a new wave of sellers will take over and drive the price down again! You want to be one of those sellers, and that is why having a strategy like this is so important to have. Some see that move and have no idea what happened and where they should enter if the trend will continue. But you will not be one of them after you learn this strategy. Step #4 Draw Pennant that is Forming. #1- Draw a line on the Strong Bearish candles that formed #2, #3- Draw a line on the higher lows and lower highs (If you down know what these are tap here and I go into detail about this in our Breakout triangle strategy) Once you do this, you are now prepared to find an entry if it breakout out of this pennant. Step #5 The Breakout. Ah yes… The best part of this strategy is seeing that price breakout of the pennant you drew on the chart. **Note Since this is a Bearish Pennant the price will need to breakout of the bottom of the pennant. If this were a Bullish Pennant, you would have needed to see the price breakout above. If the price breaks above the pennant, I would not enter a trade based off of the rules of this strategy. However, there are strategies you can use to trade this but for the PPG trade strategy if the prices break above the pennant in a bearish pennant then avoid trading. The same goes for a bullish pennant. If it breaks below the pennant, then do no take the trade. After Breakout, Make The Trade with this Pennant Forex Strategy. #1 Enter on breakout candle close. #2 So once the price breaks out of the pennant, you are technically safe to make a trade if it’s a strong breakout candle. This is a great place to trade because if the trend continues you are in a great place to be! Note** (This is the advanced entry position) The reason is that this is advanced is that it takes more of a price action analysis that beginner traders may not know what to be looking for. #3 Another place you could make your entry is when the price breaks the top of the pennant. (For beginner traders I recommend this entry position) All you do is draw a horizontal line at the bottom of the pennant, and once the price action breaks this you make a sell entry: Step 6 To place you stop loss, determine a support/resistance area and place in below this in a buy trade or above this area in a sell trade. Step 7 The price should move rapidly, and you should be in profit in a short period. The rule of thumb with these pennant patterns that the second breakout will move as far as the first. The first bullish trend, as you recall me saying, moved 78 pips in 3 hours. So we technically could shoot for another 78 pip move. Always be mindful of price action when you are in a trade, though. Personally, I stay in a trade with this strategy until I see price action consolidating by analyzing Parabolic SAR and studying the price movement. That is what’s nice about the Parabolic SAR. When you see something like that (5 consecutive dots), you can have a good idea as to what the trend may do shortly. If you spot this occurring and you see price action consolidating then consider a trailing stop, or exiting the trade altogether. Today we want to take a look at a great pennant forex trading strategy. You will learn what a bullish pennant and what a bearish pennant is and how to make a pennant flag. This strategy similar to our breakout triangle strategy we have developed a while back, but only this strategy trades distinct flag pattern technical analysis. You see above that the “pole” if you want to call it that had a strong upward movement (nearly verticle). The buyers then began to close their positions and made the trend stall and form what’s called a pennant pattern. Some sellers got in before new buyers made entries and eventually kept the main trend going to the upside. This is essentially what happens every time a pennant pattern is formed. There are two types of pennants that form on charts: 1. Bearish Pennant= This bearish flag is formed after there is a strong downtrend (nearly verticle). The sellers close their positions to and take the profit. This consolidation will then lead to other sellers getting on board and, hence, the price will again be pushed down. 2. Bullish Pennant= This bullish flag formed after there is a strong uptrend (nearly verticle). The buyers close their positions to and take the profit. This consolidation will then lead to other buyers getting on board and, hence, the price will again be pushed up. Once the price breaks either of these “pennants”, you most likely want to get on board and trade these because the price is ready to take off and continue the main trend due to all the sellers/ buyers getting in at the same time. We discussed this in our other article that talks about traders making trading decisions at certain places on the charts. Think about it, everyone is looking at the same charts and are seeing the same thing. When a breakout occurs, everyone sees this happen and makes a trade decision. Also, read about Scaling in and Scaling out in Forex. The PPG trading strategy uses a few elements to help you determine a trade entry: Parabolic Sar Indicator Lines Drawn By You Price Action Analysis You can trade this strategy on any time frame. I prefer trading this on 30 min time frames and up but this still can work on 1m-15 minute charts.
Short
by Tradingstrategyguides
2
Wynn Daily - Short - Medium Term Bearish Although a rather simple setup, I find this appealing nonetheless. Here are some key takeaways going into tomorrow's open. - We appear to be forming a bear pennant. Note the two wicks to the upside that ended in the Daily candle closing down. It appears that Shorts are prominent along this upper resistance. The volume also appears to be in confluence with the selloff as well. - We do have a minor Support level around $52 that goes back to 2008 - 2009 and 2015. We also have additional Support at approximately $42 from 2008 - 2009. - The RSI is forming a Hidden Bearish Divergence. Look for the RSI to top off here and begin to trend downwards. - I expect price action to somewhat resemble the squiggly lines I have drawn out. I expect a test towards the bottom of our bear pennant between $54 - $56. From there, I see two scenarios playing out. The first would result in a bounce back to the upper end of the bear pennant, but I would still favor a breakdown after the small bounce.The second would result in a breakdown towards my noted Support levels. - Given that the Futures are already down and that Hospitality has been taking a beating during COVID-19. I hold a bearish stance on $WYNN overall. - This idea IS INVALID if price were to break above the bear pennant and hold it upon a retest.
NASDAQ:WYNNShort
by Queen-jane
BTCUSD keeps getting rejected at the 50day EMAHi guys, We keep getting rejected at the 50-day EMA and today the fourth consecutive failure there resulted in a heavy drop back to PHASE 1 or the $6,900-$7,000 zone on our chart, which was also the horizontal S/R of the ascending triangle on the daily chart. The mid-week session on Wednesday was seen as a continuation of the bull trend after the profit-taking activities that caused the drop in the previous session, but then on Thursday the decreasing volumes did not support the upward movement and we witnessed a weak effort from bulls to keep up with the momentum. I'm looking at the $6,900 line to provide support here, but in the meantime, we are slowly going out of our customized buy zone on the RSI index and volumes are once again back to the good gold $32-$34 billion mark. Things are not looking good. On the 1h chart, we got crashed at the bull pennant, which obviously did not result in a bull breakout, but rather caused a drop below all major EMAs and the uptrend line.
BITSTAMP:BTCUSD
by FutureBlockchain
2
BTCUSD - Bearish Pennant – Bear Break? Key Levels Hello traders! Today’s chart update will be on BTCUSD where it has formed a bearish pennant which is a continuation pattern. Will Bitcoin break bearish? Points to consider, - Clear bears in control - Price testing support zone - Local resistance provided by EMA’s - Stochastics projected downwards - RSI testing support - Volume declining Bitcoin is heading to its apex where a break is imminent; price is currently testing a key support zone that needs to hold. This support zone is in confluence with the support line of the bearish pennant. Local resistance is being provided by the EMA's giving the bears an edge as price tests support. Resistance looks strong as we are in an established bear trend. The stochastics is trading in the upper region, can stay here for an extended period of time, however lots of stored momentum to the downside. The RSI is currently testing its support level; a break will send it closer to oversold conditions. Volume is clearly declining as price comes closer to its apex; we need an influx of volume which will confirm a break. Overall, in my opinion, a break will come to fruition shortly with an influx of volume. We are in a bearish trend with a bear pennant which serves as a continuation pattern. Bitcoin is more likely to test lower levels. What are your thoughts? Please leave a like and comment, And Remember, “Accepting losses is the most important single investment device to insure safety of capital.” – Gerald M. Loeb **Please follow me on twitter for daily updates on fundamental news in the MJ and Crypto Speace ! :) Twitter handle in profile link
BYBIT:BTCUSD.PShort
by AzizKhanZamani
Bear Pennant, Hidden Bearish DivergenceI don't post often, only to point out stuff that sticks out as obvious to me. Red line indicates hidden bearish divergence with higher highs on MACD and lower highs on price. Chart pattern is currently forming a Bear pennant with a target of 148. I've sold and set my buys accordingly. While there seems to be some drama regarding Parity, as far as I can tell, Ethereum is set for smooth sailing ahead with Phase 0. With that said, Ethereum could still be following Bitcoin's movement as per usual, or the greater economic uncertainty in general. While I'm short short-term, long-term I'm long and am building my stack. With that said, if I read this wrong, I'm still in the green and can look for the next setup. As always, this is for educational purposes only. I may be awesome, but I'm not a professional and nor is this professional advice.
COINBASE:ETHUSDEducation
by Surrealist1337
BTC Log 08/22/2019Whats visible to me... - Closest Resistance about 10200. Next Resistance at 10500 -Closest Support about 9700-9500 or 9100 -Bearish Pennant (Continuation Pattern). Or it could be a larger pattern currently developing.. which would give me the idea that its possible it stops at one of the green arrows and reverses shortly after. More PA is needed to evaluate. - Failed Breakout Planning my trade.. - Short term trade. - Enter at confirmation of a breakout of the pattern. - Plan for bullish and bearish scenario.
COINBASE:BTCUSD
by ohferm
$WKHS Bearish pennant set up and new lower target :($WKHS did not finish development of descending triangle pattern. In my view for the long term that would be a much better scenario. In that case, we would bounce really good of lower price and have an awesome rally. However, the price moved sideways forming bearish pennant and my outlook for $WKHS changed. I still would look for entry but at a lower level then I thought before and if we will follow this path, future development does not look as attractive as before. Of course, there is always the possibility to breakout to the upside on any positive news but I would limit chances of that to about 25%. Stock still packed with scared money and before any significant move up we need to clear them out. Moving average support more bearish idea. 9MA is about to cross 50MA. Price reached upper trendline of bearish pennant and 21MA and that is a very serious resistance that will be hard to breach without news.
NASDAQ:WKHS
by Trade2Double
4
XRPUSD Impending Death Cross. What to expect:We can see here on h 1 day chart that the 1 day deathcross is imminent and will likely occur tomorrow or the day after at the latest. While at this point it does look like the initial cross will happen, My gut feeling based on fundamental developments and adoption in xrp, is that even if this initial cross does occur it will be short lived and proven a deathcross fakeout which will be reversed shortly there after back into a golden cross. Let's recall hat the beginning of the 2015 bull market for bitcoin began in a similar fashion where we got the 1st shortlived golden cross that then briefly went back into a deathcross before having it's real sustainable golden cross shortly later. I anticipate thee same kind of behavior this time around for xrp...however initially once this fake deathcross occurs price action could follow with it and we could see our current bearish descending triangle trigger a final capitulation breakdown and that triangle has a measured move down exactly to our super strong bottom support at 24.5 cents which is a good confluence point to skyrocket right back up at...however if the next breakdown that occurs is treating the current pattern more as a bearish pennant than a descending triangle then we could see a capitulation candle reach as low as 19-20 cents before the skyrocket back up. Lastly we could instead of a breakdown see an inverted bart pattern play out here in which case if it has a bullish enough impulse it's still possible we may avoid a deathcross altogether and instead see both moving averages bounce up off eachother. For something like that to occur at this point would require a green candle and bullish volume bar much larger than any we have seen for a long long time. All these things considered I think my wisest move here is going to be just wait for the break and if we dip down buy the dip at 28, 24.5, and again at 19-20 cens if we manage to make it that low. If worst case scenario price were to go under 16 cents at that point I may have to consider that the deathcross may not be a fakeout after all but that seems highly highly unlikely and low probability.
BITFINEX:XRPUSD
by DrDovetail
1