GBP/JPY Bullish Penant 60 Min Chart
I've never traded a Bullish Penant before, but I think this is one because we had a sharp climb in price followed by consolidation with slightly lower highs and higher lows.
To trade this, place a place a limit order right above the penant (maybe 186.083?) and once you're filled place a stop below the most recent low in the penant. To estimate where we're headed we measure the height of the mast (the blue shaded area) and we place a SELL order that many pips (~ 58) above our initial limit.
Pretty nice risk/reward!
To trade this, place a place a limit order right above the penant (maybe 186.083?) and once you're filled place a stop below the most recent low in the penant. To estimate where we're headed we measure the height of the mast (the blue shaded area) and we place a SELL order that many pips (~ 58) above our initial limit.
Pretty nice risk/reward!
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