The price reversal zone on this pair is between 1.2832 & 1.2851
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Bat setup placed at the .382% and .618% retracement of the C to D move.
There is also an opportunity to look for extended targets at around 1.2700
Stop loss would be placed above X leg .
Target 1 - 1.2776
Target 2 - 1.2742
I had like to share with you my view on oil and would love to hear your opinion about it .
I used Gartley pattern that seems to fit the graph.
I post the chart here:
Question is what would happen after the bounce of Friday, will we get higher than previous highs to 60$? if yes when?
We should also remind to ourselves we just broke the powerful support at 47$ , so in order to resume the upside we should see a fast move above 47$ ,doesn't it? RSI is oversold and seems to be wiling to get much higher on all frame smaller than weekly charts ...
I share the analyse , please comment if you think it is not accurate , thank you for all!
(will you enter long right now? )
I would love to help but unfortunately my backtesting of patterns has been done strictly on currency pairs so i am unsure on the long term profitability on Oil.
what are your rules for entery please?
Sorry it's not something I disclose.