Crude Oil Potentia Bearish Butterfly into Bullish Cypher
Updated
For this pattern to complete the price will have broke the downtrend line so watch out for any bullish signals near the D point.
Note
Just tweaked it a bit, completion point of my butterfly is 54.93.
I will consider the Cypher as valid as long as price does not go below 52.66
Note
This idea is working well so far. I shorted once at 54.75 based on the butterfly (even though I had been waiting for 54.93 -- disappointed in myself for this). I have moved my stops to protect some profit and am going to look to switch to long at the completion of the Bullish Cypher pattern somewhere a little above $52.
Trade closed manually
The butterfly hit TP1 (circled) and at the completion point I saw this bullish Bat pattern so I closed my shorts for now (but did not long). I am hoping to be able to re-enter at the TP1 of this bat around 54.05. I was conflicted originally because I had planned to hold for $52, but as this is a valid bat right at TP1 I think this is the safer way to play this. We will find out!
Note
I'm back baby! Short that is.../CLJ7 at 53.98. Will watch price action at TP2 of the Bearish Butterfly (52.65) and of course at the completion of the bullish Cypher (~52.02)
Note
Idea is still active... still looking to buy around 52
Trade closed: target reached
Trade active
This worked out very well so far! Now switching sides...go Bulls!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.