This is a very audaceous setup as we still have point C to be confirmed, there may not be any harmonic pattern at all.
The eventual pattern is located at key support and resistance levels and would also confirm a deep 23.60% retracement of what is considered a bullish Wave 1.
Shorts:
Entry: 47.70
SL: 49
TP: 41.50
Longs
Entry: 41.50
SL: 39
TP1: 44
TP2: 47
TP3: 55.22 (not related to a pattern)
The eventual pattern is located at key support and resistance levels and would also confirm a deep 23.60% retracement of what is considered a bullish Wave 1.
Shorts:
Entry: 47.70
SL: 49
TP: 41.50
Longs
Entry: 41.50
SL: 39
TP1: 44
TP2: 47
TP3: 55.22 (not related to a pattern)
Trade active:
Short order activated at 47.70. Moved to breakeven
Comment:
Halfway done!
Comment:
Almost there
Comment:
We may hit the target on Monday. If everything is correct, we will start bouncing on 20th or 21st
Comment:
Shorts are welcome from 45-45.50 as it hasn´t reached the original target yet. A 10% movement is not a bad movement to catch, at all!
Trade closed: stop reached:
Pattern was invalidated
Please, follow your strategy! Always!
If there is no strategy that has proven itself successful, please do not trade with real money!
If there is no strategy that has proven itself successful, please do not trade with real money!
Just wanted to strees an important point: EIA reports are not a reason for oil to move up or down. They are important to watch but they are just a trigger for the market to produce important movements. The direction of these movements can be predicted!