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