Dislikedwormboy,
how do you determine the penants...care to share..
thanks
wandererIgnored
it's a continuation pattern. here's the chart posted earlier before & after the breakout
1. http://cdn.forexfactory.com/attachme...7&d=1290153394
2. http://cdn.forexfactory.com/attachme...8&d=1290153394
-----------------------------------------------------------------------
here's an explanation taken from trending123.com, their description of the pattern is easy to understand.
"A Pennant (Bullish) is considered a bullish signal, indicating that the current uptrend may continue. A Pennant (Bullish) follows a steep, or nearly vertical rise in price, and consists of two converging trendlines that form a narrow, tapering flag shape. The Pennant shape generally appears as a horizontal shape, rather than one with a downtrend or uptrend. Apart from its shape, the Pennant is similar in all respects to the Flag. The Pennant is also similar to the Symmetrical Triangle or Wedge continuation patterns however; the Pennant is typically shorter in duration and flies horizontally. For Pennants, the price trendlines tend to converge. At the start of the Pennant, the price spikes, perhaps in response to a favorable product or earnings announcement. Following the price spike, the price fluctuations continue until they taper out and become decreasingly less volatile. This behavior appears on a price chart with the initial price spike forming what technical analysts refer to as the "mast" of the Pennant, followed by a triangular pennant shape. As the Pennant develops, the volume tends to decrease. Martin Pring notes in his book, Technical Analysis Explained, "a pennant is in effect a very small triangle. If anything, volume tends to contract even more during the formation of a pennant than during that of a flag." However, as with Flags, when the Pennant completes you will often observe a sharp spike in volume."
Hope this helps.
Attached Image
Thank You 
