Oil butterfly
Updated
This pattern is testing the PRZ and it is possible that after a few days travelling on the overbought zone of several indicators USOIL is ready to correct.
I will keep a close eye on XAUUSD too because those two assets are correlated and tend to synchronize their reversals. Try to graph the ratio of the two and you'll see we just hit a support line.
I will keep a close eye on XAUUSD too because those two assets are correlated and tend to synchronize their reversals. Try to graph the ratio of the two and you'll see we just hit a support line.
Trade closed manually
Hope you could lock some profits before the spike.Trade active
I reopened at a price very close to the one shown on chart. Please see reply below for time and price targets.Trade closed: target reached
Both the butterfly and the pitchfork worked great.
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