USOIL - Completes Bearish Gartley Pattern
Was checking out the forex calendar and realized we have CAD news tomorrow.
USOIL caught my eye on the H1 timeframe due to the completion of the Gartley pattern.
A good Gartley pattern is made up of 3 significant lines at the PRZ.
1. XA 78.6
2. BC 113-161.8
3. AB=CD
This setup is a little unique as the AB=CD completion exceeded the XA 78.6 level.
Therefore, the 88.6 level will be used instead of the 78.6 level, something I learned personally from Scott.
We could see some retracement on USOIL tomorrow.
Based on the rules of the Gartley pattern, these are the levels I am personally watching.
Entry: Around 71.70, upon the close of a bearish candle at the PRZ
SL: 15-20 pips above X (72.05)
TP1: AD 38.2 (71.20)
TP2: AD 61.8 (70.90)
Maximum loss per trade should not exceed 2% of your capital.
USOIL caught my eye on the H1 timeframe due to the completion of the Gartley pattern.
A good Gartley pattern is made up of 3 significant lines at the PRZ.
1. XA 78.6
2. BC 113-161.8
3. AB=CD
This setup is a little unique as the AB=CD completion exceeded the XA 78.6 level.
Therefore, the 88.6 level will be used instead of the 78.6 level, something I learned personally from Scott.
We could see some retracement on USOIL tomorrow.
Based on the rules of the Gartley pattern, these are the levels I am personally watching.
Entry: Around 71.70, upon the close of a bearish candle at the PRZ
SL: 15-20 pips above X (72.05)
TP1: AD 38.2 (71.20)
TP2: AD 61.8 (70.90)
Maximum loss per trade should not exceed 2% of your capital.