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buy gold at 1835.00
Tp1:1842.00
Tp2:1850.00
Sl:1810.00
sell gold at 1855.00
Tp1:1850.00
Tp2:1845.00
Sl:1870.00
Today Economic Calendar GMT
Low Volatility Expected for the market
WHAT IS A BULLISH PENNANT PATTERN?
Bullish Pennants are continuation candlestick patterns that occur in strong uptrends. The Pennant is formed from an upward flagpole, a consolidation period and then the continuation of the uptrend after a breakout.
Traders look for a break above the Pennant to take advantage of the renewed bullish momentum.
Key characteristics of a Pennant pattern
A flagpole: A Pennant pattern always begins with a flagpole which is the initial strong move preceding the symmetrical triangle.
Breakout levels: There will be two breakouts, one at the end of the flagpole, and one after the consolidation period, where the upward trend continues
The Pennant itself: The Pennant is the triangular pattern formed when the market consolidates, between the flagpole and the breakout.
The two converging trendlines form the triangle - the Pennant.
Downtrend: The market must be in a downtrend before the descending triangle pattern appears.
This is important and emphasises that traders should not simply trade the pattern whenever the descending triangle appears.
Consolidation: The descending triangle then appears while the market enters the consolidation phase.
Upper trendline: While the market is consolidating, a downward sloping trendline can be drawn by connecting the highs.
This downward sloping trendline shows that sellers are slowly pulling the price down
Lower trendline: The lower trendline acts as support. Price often approaches this level and bounces off until the breakout eventually occurs.
Trend continuation: After price posts a strong break below the lower trendline, traders will look for confirmation of the pattern via continued downward momentum.
The anatomy of a flag formation:
A flag pattern is highlighted from a strong directional move, followed by a slow counter trend move. The above chart highlights a bull flag.
The strong directional move up is known as the ‘flagpole’, while the slow counter trend move lower is what is referred to as the ‘flag’.
A bullish flag formation:
In an uptrend a bull flag will highlight a slow consolidation lower after an aggressive move higher.
Traders of a bull flag might wait for the price to break above the resistance of the consolidation to find long entry into the market.
The breakout suggests the trend which preceded its formation is now being continued.
A trading target from the breakout is often derived by measuring the height of the preceding trend (flagpole)
and projecting a proportionate distance from the breakout level.
In terms of managing risk, a price move below the support of the flag formation may be used as the stop-loss or failure level.
sell gold at 1855.00
Tp1:1850.00
Tp2:1845.00
Sl:1875.00
buy gold at 1849.00
Tp1:1856.00
Tp2:1862.00
Sl:1820.00
Friday 08/01/2021 closed trades:
EURAUD BUY TP1 +20 pips✅
USDCAD BUY TP2 +50 pips✅
GBPNZD BUY TP2 +50 pips✅
GBPNZD BUY TP1 +20 pips✅
GBPJPY BUY TP3 +100 pips✅
GBPCHF BUY TP3 +100 pips✅
EURCAD SELL TP3 +100 pips✅
GBPAUD BUY TP1 +20 pips✅
USDJPY BUY TP2 +50 pips✅
USDJPY BUY TP2 +50 pips✅
USDJPY BUY TP1 +20 pips✅
CADJPY BUY TP3 +100 pips✅
GBPCHF BUY TP2 +50 pips✅
USDCHF BUY TP1 +20 pips✅
TOTAL: +750 pips✅
buy gold at 1855.00
Tp1:1863.00
Tp2:1870.00
Sl:1835.00
Hammer Candlestick is formed after a market downtrend, and signal a reversal of price movement.
It's an indicator for traders to consider opening a long position to profit from any upward trajectory.
The hammer candlestick pattern is formed of a short body with a long lower wick, and is found at the bottom of a downward trend.
A hammer shows that although there were selling pressures during the day, ultimately a strong buying pressure drove the price back up.
The color of the body can vary, but green hammers indicate a stronger bull market than red hammers.
EURGBP BUYSTOP @ 0.8927
TP1: 0.8947
TP2: 0.8988
TP3: 0.9030
TP4: 0.9080
SL: 0.8863 ( 65 PIPS)
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buy gold at 1847.00
Tp1:1855.00
Tp2:1860.00
Sl:1820.00
Today Economic Calendar GMT
Medium Volatility Expected on EUR and USD pairs
Crude oil inventories news
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‼‼‼ 3 month = 60 $ ‼‼‼
‼‼‼ 6 month = 80 $ ‼‼‼
‼‼‼ 1 year = 100 $ ‼‼‼
‼‼‼ lifetime = 140 $ ‼‼‼
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✅ Risk to Reward Ratio of 1:1 or more in VIP
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Falling wedge reversal pattern is formed at a bottom of a downtrend, indicating that an uptrend would come next.
The falling wedge serves as a reversal signal. After a downtrend, the price made lower highs and lower lows.
Notice how the falling trend line connecting the highs is steeper than the trend line connecting the lows.
Upon breaking above the top of the wedge, the pair made a nice move upwards that’s approximately equal to the height of the formation.
In this case, the price rally went a few more pips beyond that target!
Today Economic Calendar GMT
High Volatility Expected on USD and CAD pairs