Is this a valid bullish pennant?

Beginner Questions
1

Hi guys,

I am wondering if this is counted as a valid bullish pennant considering it broke resistance and bounce back to support.


Other possible patterns.


OR

Is this a rising wedge?


By the looks of it, the pattern most suits The Flag. Since it takes all the candle sticks into consideration, and not huge chunks of it apart.
But yeah, one might argue, even if there is a pattern, there is a chance that it will not fulfill it’s given prophecy(bull this bear that)

Another thing is, if this is so, is it wise to have two pending orders set as if it could go either way? And why?

Please advise.

Thank you very much in advance :slight_smile:

Cheers

2

It would be better if you add here more previous data! I actually count support and resistant levels according to the daily trading chart, so if you get any important point of daily trading chart, then it can be respect once again according to the market flow rate! In addition, I have noticed for several time of market brakes any level then it retest from nearest support and resistant levels, this I use retest movements of market!

3

I would say each image shown is correct; it just shows various opportunity points for speculators.

4

Yes, this is perceptive. There is no such thing as a correct chart pattern or a unique interpretation of a chart, it depends on what you want to do with it, based on your preferred trading style and time horizons etc.