What's Bull Pennant Chart Pattern in XAUUSD?
Trading Gold Identify a Bull Pennant Pattern in XAUUSD
The Best Trading Setup Patterns Tutorial for New Traders - How to Identify & Trade Bull Pennant Chart Pattern
XAUUSD Setup Patterns for Day Trading - Setup Patterns Guide
This Bull Pennant patterns charts tutorial explains how to identify chart setups - spotting chart setups is the first step when it comes to learning how to trade with Bull Pennant chart setups in XAUUSD.
Bull Pennant price setups commonly form on charts and this chart pattern analysis guide explains how to trade and analyze charts using Bull Pennant chart setups.
Bull Pennant Pattern
This Bull Pennant chart pattern forms what looks like a rectangle. The rectangle is formed by 2 parallel lines that act as support and resistance for the price until the price breaks out. In general, the Bull Pennant trading pattern will not be perfectly flat but will be sloping.
The Bull Pennant chart pattern setup is found within a upwards trend. In this Bull Pennant chart pattern is a continuation pattern where the market pulls back slightly, it is therefore a slight retracement with narrow price action which has a slight downward tilt. The technical buy point is when the price penetrates the upper line of the Bull Pennant pattern. The flag portion has highs & lows which can be connected by small lines that are parallel, giving it what resembles a small channel.
The Bull Pennant pattern occurs at halfway point of a bullish upwards trend & after a breakout a similar move equal to the height of the flag pole is expected.
Bull Pennant Chart Pattern - What is Bull Pennant Chart Pattern in XAUUSD?
The Bull Pennant pattern above was just a resting period as the market gathered strength to break-out & move higher. The Bull Pennant pattern continuation signal was confirmed as the upper line was broken to the up-side.
