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RSI Trendline Breakout

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Pennants Are Popular For A Reason... THEY WORK🎯 This thread will explain how to draw Pennants AND how to trade them effectively 🧵👇

Popular Pennant Opinions A lot of traders like to use Pennants as a continuation pattern (Pennant after an uptrend will break to the upside) In my experience, they are a lot more 50/50, so I trade them accordingly. It's helped me increase my Pennant win rate Example👇

Drawing A Pennant Each trendline (upper & lower) needs to have 3 taps to be fully formed. In this example the upper trendline has 4 taps & the lower trendline has 3 2 taps is not enough. 3 is the minimum

Drawing A Pennant The upper trendline should be sloped downward. The lower trendline should be sloped upward If your trendlines are converging, but don't fit this criteria, you likely have an ascending or descending triangle

My Pennant Strategy It's simple. WAIT FOR CONFIRMATION of the breakout/breakdown I use 2 types of confirmation. The first is a retest of the broken trendline. The second is a high volume move in the direction of the breakout/breakdown

Retest Confirmation As soon as a Pennant breaks one trendline, I'm on watch for a retest of the broken trendline. It makes our entry very low risk and high reward I enter on the retest & set a stop loss below the trendline. If our Pennant break is legit, our stop won't hit

If the Pennant break is fake, our stop will hit, but the loss will be small This strategy helps avoid chasing a Pennant break & taking a bad entry

Volume Confirmation I'm also watching for volume to confirm the Pennant break. A high volume candle in favor of the Pennant break shows us the break is strong & likely to continue I enter on any pullback after the high volume candle confirms the direction

In the example above, I would have entered on the pullback (lower wick) on the green candle right after our high volume confirmation My stop loss would have been below the high volume candle low, again keeping risk low and reward high

3 Tap Rule✅ Converging Trendlines✅ Retest Confirmation✅ Volume Confirmation✅ Entries & Stop Losses✅

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