HAIDOJO_trading

FCPO TRADING : 308) a possible bearish gartley pattern

Short
MYX:FCPO1!   CRUDE PALM OIL-RINGGIT FUTURES
this is haidojo and the number is 308 ...

Today is 18th Nov 2021 and fcpo-Feb22 is the active third month now. After bracketing the market, you probably find that the market price has broken below the perceived support level (4850) and reached a new low at 4709. Then, we got a problem. It is still between the bull and bear territory. The 2 monsters are having a tug-of-war and the market price refused to fall. Then it is the sideway market then. This is an absolute disadvantage to me.

As the saying goes, "consolidation breeds advanced patterns". SO, here we are now, with a possible bearish gartley pattern. Before the price could advance back into the selling zone of 5070-5085, SL can be make 10-20pts abv that, there is a wall of barrier that might kill the beast before it is reaching for the target. The resistance zone from 4970-5040. This trade if valid is very fruitful as the 1st tp could be seen at 4850 and 2nd tp at 4750. Advanced patterns traders could look out for this.

*plan your trade and trade your plan... gud luck*

bearish gartley resistance : 5070-5085 (kill zone)

resistance : 4970-5040

support : 4750-4850 (bull validity is here)

WARNING!
RISK DISCLAIMER
: this is juz a trading idea...trading stocks, futures , cryptos, warrants, CFDs, spreads, options or forex might incur a huge risk to your account/funds…DON’T LOSE MONEY THAT YOU CANNOT AFFORD…any idea(s) of trading in this episode SHALL NOT be regarded as a hint of BUYING or SELLING. It is MERELY a trading journal and it has been used for educational purpose only… trade at your own risk!