Just wanted to share my triangle scalping theory for crude oil
This pattern has brought me great success scalping crude oil.
How to trade it:
How to trade it:
- Look for an ABCD triangle formation with lower highs and higher lows.
- Draw the triangle with extended lines.
- Measure the baseline at B and divide it by 2
- Add this value to the point of breakout to get a nice padded target to either side
- Look out for fakeouts and good luck.
- Backtests may occur on the extended lines to the right but moving between them invalidates the triangle and the trade should be closed.