CL1!. Crude oil. Shorting possible H&S Pattern

Looks like we will start hearing positive news from the OPEC meeting tomorrow. If my chart is correct, oil should re-visit 50s once again and it is perfectly shortable from there.

I target the April minimum of 35.20 as it is a base for an eventual Head&Shoulders pattern which is still being formed.

Also, catching a 10% ride up, is also a good idea as the stops are quite tight (around 2%) and the potential reward is good! I will long on opening with a target around 50.

If works, it should be a really-really profitable idea with very tight SLs and possible 40% of income!!

Trade active:

Longed 45.20, moved to breakeven now. Looks like today and tomorrow will be highly volatile

Comment:

Oil keeps running. We just let it run =)

Comment:

I don´t think the H&S pattern is valid any longer as, probaly, right shoulder will be bigger than a head =)

However, it doesn´t cancel the short entry idea: my expected price for going short is 52.65. I also attach a Gasoline futures chart which I use as a proxy for oil. It is quite quite nice!

Comment:

I still keep that long from 45.20 because I made an alternative model where we can see 54 before a retrace. It is posted here:

Huge credit to menyuken for his idea!

Oil is fighting with 50 now but I believe the resistance level will hold and we will see more up during next week

Comment:

Set a new chart on this idea