Pennants are continuation patterns that appear in the forex market and are used by traders to predict upcoming market movements. In this article, you will learn how to recognize Pennant chart patterns, what they mean, what causes them and, most importantly, how to use them to place more effective trades.
A Pennant pattern is a continuation chart pattern, seen when a security experiences a large upward or downward movement, followed by a brief consolidation, before continuing to move in the same direction. The pattern looks like a small symmetrical triangle called a Pennant, which is made up of numerous: A Pennant pattern always begins with a flagpole, which differentiates it from other types of patterns (such as the symmetrical triangle). The flagpole is the initial strong move preceding the symmetrical triangle
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