ilmscore | Prediction Details
"all right guys so here we are on the New Zealand dollar 5 minute chart and a couple of hours ago we went short this pair because of a pennant formation that formed after an impulsive move down so what I'm going to do now is just walk you through some of the analysis that we did in order to get involved in that penet formation you can see here that we have broke below our 200 EMA and according to my rules I need a rally which we get here break below rally and another lower low created and now if we scroll down we'll see that what we were looking for is a penet or a flag formation and right there I already view this as a penet formation you may ask why well because we've come down we've put in a support level a resistance and a higher support at that point I see this as one of two things either a penet formation or a descending triangle either way I want to trade this on a breakout of the support levels"
By The Trading Channel (The Trading Channel) | May 3, 2016 | Pending
From video
(Trading Tutorial ) How to trade using simple patterns 00:12:57 - 00:14:05
Interpreted Prediction
A short trade was executed on NZD/USD based on a pennant formation that occurred after an impulsive move down and breaking below the 200 EMA, with the pattern also potentially being a descending triangle.

Prediction Details

Topic
NZD/USD Trading Example (Pennant Pattern)

Comments

0 comments

Be the first to share your thoughts.

Like this prediction?

Join to make your opinion count.