Short

OIL corrective structure about to finish

By pparmy1991

Updated

ABCD corrective structure pulled back to 0.618 area, also a bearish harmonic pattern. Strong resistance from 50.80 to 51.20 and a good risk&reward ratio.

Note

If price pulls back to 50.45-50.50 area and a reverse candle is observed, probably could add short entry

Note

Note

Some thoughts on USDCAD, Watch oil drop to 49.25-49.40 area. Based on the pattern of USDCAD, oil might pull back from that area. Don't chase the price, short the pull back!

Note

Nothing has been really changed yet. Would like to see the data reaction tomorrow. Set a comfortable stop loss and that's it!

Trade closed: stop reached

Still entered early, not patient. Reexamine it later.

pparmy1991

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