Help! Is this a pennant? What is it looking like it'll do?!

I currently have some short orders on AUDNZD as a result of a fairly consistent trend downward as can be seen here:

But since market open today it’s been looking more and more like this:

Fairly soon it’s going to have to go SOMEWHERE, and I know that downtrend pennants may typically resume the downtrend, but I don’t feel super sure in this case.

Thoughts?

Wait for a breakout of the range that it is in. Then go to a lower time frame and trade the retracement. Try not to predict direction but instead react to what the markets are actually doing.

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:sleeping:check the higher time frames :triumph: :dizzy_face:

This resembles a pennant but the flagpole is a single trading session so I wouldn’t give it much faith. See Bulkowski at thepatternsite.com.

(Though I respect his TA work, I still feel he’s barking up the wrong tree (flagpole?) by promoting trading off chart patterns but that’s a conversation for a different thread).

BEST TIP.

I DID, and it was part of a larger uptrend!

At least, it was… until AUDNZD messed around and fell out of this uptrend.

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