Question about article "Shorting the AUD/JPY Pennant"

[jaxx80]

Hello,

on the screenshot of AUD/JPY 60min chart in this article is shown a bullish pennant (according to the School).
Why does Cyclopip short it?
Or may be this is an ascending triangle and he uses the word 'pennant' for the same thing?

Thanks in advance

[Steve Lee]

Hello,

on the screenshot of AUD/JPY 60min chart in this article is shown a bullish pennant (according to the School).
Why does Cyclopip short it?
Or may be this is an ascending triangle and he uses the word 'pennant' for the same thing?

Thanks in advance

On the 60min chart it was also running in to major resistance from 8/5. It broke below the resis. level, which is a nice setup for a short for reversal traders.

[jaxx80]

On the 60min chart it was also running in to major resistance from 8/5. It broke below the resis. level, which is a nice setup for a short for reversal traders.

yes, I saw that there are other factors described. But in this case the existance of pennant does not help us in any way? We are taking our decision based on support/resistance levels and fundamental factors and we are taking our decision regardless of the pennant, not because of it?