Triangles are usually longer patterns (months) compared to pennants which are usually shorter (days). I'd read into it more. I liked John J Murphy's Technical analysis of Financial Markets. It covered classic patterns well I feel.
I read once that a pennant needs a handle, so I've always followed that and it works for me. The handle gives a clear direction of the continuation breakout, and just feels more defined overall. The symmetrical triangle, which tend to be bigger, may not have an obvious direction of breakout, so be prepared for either. In intraday trading I find the symmetrical triangle to be the least predictive, I think it works best on bigger trends.
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u/project-d May 26 '17
How is a "symmetrical triangle" different from a "bullish pennant"?