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- 21 April 2005
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Care to show some for us?
I really think you don`t understand what a pennant is.
Have a look at the definition of ascending/descending triangle and rising/falling wedge. Not knocking your contribution but this is a flag and pennant thread.
Care to show some for us?
I think I've explained myself before.
I understand what ascending triangle and descending trianges are, but as far as I'm concerned when they occur at the top of a flagpole they are flags and pennants.
Your whole objection seems to be with the shape of the pennant ie. it must be symmetrical.
Why?
They're all just brief consolidation patterns on top of a 'flagpole'.
But if it bugs you that much I'll bugger off if you like.
Keep the charts coming, Bowman. Love your work and the efforts. Trade the break out.
Description :
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.
Pennant Chart Definition :
A pennant chart formation occurs after a security experiences an impulsive up or down move. After such a strong run-up, the security will take a "breather" before continuing in the direction of the primary trend. This breather resembles a symmetrical triangle, where two trendlines converge to a point, hence the term "pennant". While inside the pennant, there are a number of minor price fluctuations that occur on light volume.
The Pennant :
The pennant forms what looks like a symmetrical triangle, where the support and resistance trendlines converge towards each other. The pennant pattern does not need to follow the same rules found in triangles, where they should test each support or resistance line several times. Also, the direction of the pennant is not as important as it is in the flag; however, the pennant is generally flat.
Pennant:
A pennant is a small symmetrical triangle that begins wide and converges as the pattern matures (like a cone). The slope is usually neutral. Sometimes there will not be specific reaction highs and lows from which to draw the trend lines and the price action should just be contained within the converging trend lines.
Bull Pennant :
Appearance: The advance has solid volume and the upward price action is strong, which forms the vertical look of a flagpole. The resting period and narrowing price action is characterized by volume contraction as upside intensity is temporarily interrupted. This forms a pennant which also resembles a small symmetrical triangle. The pennant portion of the pattern has highs and lows which can be connected by small trend lines which converge.
Pennant:
A pennant is a small symmetrical triangle that begins wide and converges as the pattern matures (like a cone). The slope is usually neutral. Sometimes there will not be specific reaction highs and lows from which to draw the trend lines and the price action should just be contained within the converging trend lines.
Pennants look very much like symmetrical triangles. But pennants are typically smaller in size (volatility) and duration.
I've had that link for years. Digested a lot of the patterns. Threw up most of the statistics.
Example: Falling wedge, average rise/decline 33%/20%
In which market?
Bull or bear?
Try applying most of those statistics to your trading and you'll go nuts.
The question is do you want to be a good trader or a good statistician?
Learn the rules by all means, but don't imbue chart patterns with magical/mystical powers.
Free it up a little. Trade and make money!
Thanks for others' charts.Sure snake ... notice from the start of the pennant there are higher lows and lower highs.
https://www.aussiestockforums.com/forums/showpost.php?p=371568&postcount=1166
https://www.aussiestockforums.com/forums/showpost.php?p=399818&postcount=265
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