Many of you noticed that Brent has mostly been trading in 45-55 range since May 2016. As a consequence, there is no valid trend for now and, in order to know where oil prices may end up in a week or in a month, we have to operate with Fibonacci extensions and Harmonic patterns.
I believe the current setup is as following:
First of all, we have a huge ABCD pattern (Blue colour) which completed at 58.35 and now heading to a first TP.
At a value of 50.60, a bullish Bat pattern (Black colour) would complete and bring a retracement to 53.50 or 55.30
If a 38.2% retracement is completed, we will have another ABCD pattern, which 161.8% Fibo extension will go very close to 23.6% of the original ABCD pattern to complete a formation of a bullish Gartley pattern.
How will I act:
It is now a little bit late to join shorts. I will wait until the Bat pattern is completed and price confirms a shorts-term reversal. Then will enter a long position, targeting 55.30. Once there, I will short, targeting 45.50. It may not be exactly like this but the reference levels for acting are 55.30, 53.50, 51.90 and 50.50
I believe the current setup is as following:
First of all, we have a huge ABCD pattern (Blue colour) which completed at 58.35 and now heading to a first TP.
At a value of 50.60, a bullish Bat pattern (Black colour) would complete and bring a retracement to 53.50 or 55.30
If a 38.2% retracement is completed, we will have another ABCD pattern, which 161.8% Fibo extension will go very close to 23.6% of the original ABCD pattern to complete a formation of a bullish Gartley pattern.
How will I act:
It is now a little bit late to join shorts. I will wait until the Bat pattern is completed and price confirms a shorts-term reversal. Then will enter a long position, targeting 55.30. Once there, I will short, targeting 45.50. It may not be exactly like this but the reference levels for acting are 55.30, 53.50, 51.90 and 50.50
Commentaire:
I´ve a strong-strong desire to short...
Commentaire:
Just wonder if this range trading is above the base or below the S1... We will know soon!
Commentaire:
Nothing decided yet. One more month of flat has run...
Commentaire:
And it finally happened
Commentaire:
The 200 SMA at Brent chart may matter. I believe the waterfall may stop here and we may see a sort of a correction which should transform into a bigger drop.
Also, a harmonic ABCD pattern will be completed just at the level where 200 SMA is currently placed. Obviously, market sees that level and all longs concentrated there may be a perfect fuel for further dump. But... I will try a long at 50.60 targeting 55 and with a SL placed at 49.80
The 200 SMA at Brent chart may matter. I believe the waterfall may stop here and we may see a sort of a correction which should transform into a bigger drop.
Also, a harmonic ABCD pattern will be completed just at the level where 200 SMA is currently placed. Obviously, market sees that level and all longs concentrated there may be a perfect fuel for further dump. But... I will try a long at 50.60 targeting 55 and with a SL placed at 49.80
Transaction en cours:
It hasn´t arrived to the target, so I jumped in at 51.05, now at breakeven. Eventually, this is a beginning of a nice bounce up
It hasn´t arrived to the target, so I jumped in at 51.05, now at breakeven. Eventually, this is a beginning of a nice bounce up
Commentaire:
And here came the reversal day. Jumped in at 50.39 and now at breakeven. Eventual targets are 53.30 and 55.20
Commentaire:
Getting close to TP2. Ready to short
Commentaire:
Brent and a 3D pattern
Brent and a 3D pattern
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!
