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Pennantbreakout

DGSTACC: QQQ MICRO ANALYSIS / CHANNEL CONFIRMATION / SUPPORTIn the chart above I have provided an analysis for the pennant formation seen in the four hour time frame for QQQ along with channel confirmation. 1. 270 is crucial point for QQQ to hold in order to avoid being pulled into a demand zone on the fibonacci. 2. Spike on the 13th of December confirmed rally top. 3. BREAK OF 270 BEYOND AT THIS POINT WOULD CONFIRM A BREAK OF THE PENNANT FORMATION. 4. BREAK OF 260 WOULD CONFIRM A MELT DOWN FROM CURRENT CHANNEL.
NASDAQ:QQQShort
by DGSTBROKERACC
How much higher could GBP/USD trade?GBP/USD reached a near-term low on November 10th at 1.1334. As the US Dollar continued to move lower, GBP/USD continued to move higher. The pair reached a high of 1.2034 on November 15th and pulled back in a pennant formation on the 240-minute timeframe. As price reached the apex of the pennant, it broke out to the topside on November 22nd. The next day, GBP/USD continued to move higher as it took out the previous highs of the pennant. The target for a pennant is the height of the pennant “pole”, added to the breakout point from the pennant. In this case the target is near 1.2600, which is also the highs from early June. However, if price is to get there it must first pass trough horizontal resistance from the highs of August 10th at 1.2277 and then additional resistance at the lows of June 7th at 1.2431. Notice, though, that the RSI is in overbought territory, indicating that a price correction may be ahead. If GBP/USD does pullback, first support is at the apex of the wedge between 1.1815 and 1.1845. If the pair breaks below, horizontal support sits at the lows of November 15th near 1.1710, then additional horizontal support at the highs from November 9th at 1.1600. The price action indicates that GBP/USD could move higher with a target near 1.2600. However, the RSI indicates that there could be a near-term pullback first. The US Dollar seems to be driving this pair. If it continues to do so, then a lower DXY could mean a higher GBP/USD.
by FOREXcom
Big move in VXX brewingWhat we have here is a very LOOONG pennant on VXX. We already had the breakout back in September and since then have created a whole pennant for the retest of the breakout. From how things look now, the apex of the smaller pennant is due to breakout no later than November 22. The yellow rectangles are gaps within the price action. The retest has a gap to be filled and the breakout target is RIGHT at the gap fill of the second from bottom gap. Breakout target for VXX is $27.30 Combine this chart with what I just recently shared on SPY, shows there are darker days ahead.
CBOE:VXXLong
by Pavley
XRP Bull Pennant on DailyFlags and pennants are patterns that I find are overly relied upon in crypto, and they often fail. I like this forming pennant, however, when coupled with the market sentiment. In particular, XRP has been on fire and we are testing a major psychological level at $0.50. I wouldn't long resistance - But I am already in a along position since low 40s. If I wasn't, I would not enter this trade until the price breaks out of the pennant to the upside, for confirmation. A breakout could happen here, or touch the bottom of the flag once more before going back up. I will keep a close eye on XRP for a breakout, and will have alarms set. Also my recent idea about BTC volume flow flipping in bull's favour (link below), has me thinking the market is ready to move a bit higher, and I think BTC will hold support at $20k, and move up to the next level, which will give more support to this idea. If BTC falls through $20k before this pennant breaks out, I will consider abandoning the idea altogether. The stop loss target, set at the most recent swing low is at $44.9 and sits perfectly behind another psychological level. The target is set slightly below the pole height, at $63.8. The pole reaches a bit above $0.65, but I think it will correct hard at $0.65 or even at $0.64. Keep in mind that $63.8 is an ideal scenario where the breakout shoots almost straight up with no faltering. If we have signs of trouble along the way I will not hesitate to sell, even somewhere in the mid 50s. I've been enjoying some market success, but I am a fairly inexperienced trader so don't go copying my trades. None of this is advice, just my idea.
Long
by D-Rock_Anomaly
Big money move! 🤑🤑🤑 (short)This is a move I've been anticipating since this range formed late last month. There's a 100 pip gap in resistance sitting right above this range, I have a feeling that's where we're headed. This is a straight forward supply & demand setup! I'm anticipating a spike tomorrow morning If price closes below the lowest low in this range before price hits one of my entries then this setup is invalid I estimate that his trade will payout by Friday at the latest. Good luck tomorrow!
Short
by NeoDaNomad
2
GALAUSDT is creating a pennantthe price is creating a penannt below an important resistance at 0.066 weekly resistance. The price bounced on the 0.5 Fibonacci level. How to approach it? IF the price is going to have a breakout from the pennant and weekly resistance and CONFIRM the weekly support, According to Plancton's strategy , we can set a nice order ––––– Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ––––– Follow the Shrimp 🦐
Long
by InkyGrip
2