The bat completes at 49.09 -- the current low is 49.10 and I will count this as a completed pattern. I longed the contract at 49.15, however if I was more patient I could have waited for a re-test of the low/PRZ.
I am looking for another wave up in crude oil and depending on how this wave forms will I will either look for a sell in in the 51.57 area or further upside towards the previous highs and perhaps beyond.
But for now, the small bat. Stay nimble.
I am looking for another wave up in crude oil and depending on how this wave forms will I will either look for a sell in in the 51.57 area or further upside towards the previous highs and perhaps beyond.
But for now, the small bat. Stay nimble.
Note
Patience is always the right idea
Note
Now looking nice after the re-test (or real completion of pattern). If I had been patient I would be up 11 pips and the original risk was only ~9 pips, perfect time to move to breakeven for me. In my case I will need to manage this differently, but still look to move to breakeven soon and see how this plays out.
Note
Targets for this pattern are identified by horizontal rays. I will need to determine when to take profit based on price action in these areas...if I really want to press my luck I will keep my stop at breakeven and see how far this ride goes
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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.