Crude Oil Head & Shoulders

NYMEX:CL1!   Light Crude Oil Futures
H&S a possibility for now. Bought some puts today.
H&S pattern in the trash. Holding now for a possible Double/Triple top. If breaks $54.15, I'm covering
Bearish H&S in a bearish trend?...............
Well if U have a SHS and a neckline...what is then the problem? The Neckline is still to be broken before becoming a tradable shs pattern.
+1 Reply
sonica76 WallStScalper
The H&S is a reversal pattern, not a continuation one. Simple
It's possible. Seen it happen. It's wall street, things don't make sense a lot of times
+1 Reply
Many are stubborn in pursuit of the path they have chosen, few in pursuit of the goal. The..goal? To trade what U see... and that is not simple...cos we look at charts differently... and a SHS first become so when neckline is broken. If not's just a pattern that looks like a SHS. If it becomes a valid pattern... I trade it with more caution than had it been a topping ...reversal pattern. I simply look for a fail or end of the pattern earlier. So in short.... I'm not dogmatic but trade what I see with the help of a pair of powerful spectacles. It has sometimes been sufficed to cure a person in love in dogmatic thinking. But do what suits U best.
+1 Reply
WallStScalper PRO WallStScalper
But then again. Who is right and who is wrong...does it matter? Thoughts are the shadows of our feelings - always darker, emptier and simpler.
AMBRISH WallStScalper
It's not a matter of been right or I state above. But making your entry with lowest risk. That is completely up to you to decide. I'm not trading oil at the moment but did last week.... I use another technique...and it pan out quite well. Safe trading:
Could go both ways right now but I recognize that the neckline exist I'vemade morecomments at this chart
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