Just a potential trading idea in a development. Looking at Daily chart of US Oil, I noticed a Harmonic Pattern developing. Now, I am not too hung up on proper names of these patterns and am not too obsessed with swings hitting "textbook" retracement or extension rations on the nail. I am a little bit more liberal with my Harmonic Pattern trading.
Now, in my world this pattern is effectively a Butterfly like pattern (again, I know that obsessive Harmonic Pattern traders could either point out a more appropriate name or all together discredit this pattern), but I will repeat - in my world, this is a Butterfly type pattern.
Hence, I am looking for potential reversal in Price Reversal Zone (PRZ) = 55.90 - 56.40. At the moment I have not seen any catalyst for a short...so just watching.
Targets would be:
Target 1 = 51
Target 2 = 47.60
Let's see how this turns out.
Good trading,
GG.
Now, in my world this pattern is effectively a Butterfly like pattern (again, I know that obsessive Harmonic Pattern traders could either point out a more appropriate name or all together discredit this pattern), but I will repeat - in my world, this is a Butterfly type pattern.
Hence, I am looking for potential reversal in Price Reversal Zone (PRZ) = 55.90 - 56.40. At the moment I have not seen any catalyst for a short...so just watching.
Targets would be:
Target 1 = 51
Target 2 = 47.60
Let's see how this turns out.
Good trading,
GG.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.