The target for a pennant breakout should be determined by the height of the pennant
In this example the height was 165 pips.
The price reached broke out and reached 161 pips.
Of course, it's not always perfect but it's close enough.
A similar example can be seen in last weeks pennant break out on EURUSD. However, on the EURUSD example, when price broke out it did a retest and then continued to the target. Retest do occur, so be weary of moving your stop too early and then missing the main move
Thanks for reading.
In this example the height was 165 pips.
The price reached broke out and reached 161 pips.
Of course, it's not always perfect but it's close enough.
A similar example can be seen in last weeks pennant break out on EURUSD. However, on the EURUSD example, when price broke out it did a retest and then continued to the target. Retest do occur, so be weary of moving your stop too early and then missing the main move
Thanks for reading.