petermp25
Long

UKOil Potential Cypher Pattern

FX:UKOIL   Crude Oil (Brent)
Entry area between 47.45 (minor support) and 50.40 ( Cypher Point D)

Stops @ 43.60, below X Point. There is not much structured support below X unless you go really far back and the risk becomes too great, therefore $1.57 below X should be a decent, not-too-tight, stop.

Targets @ 57.73, 38.2 of CD

Falling to Point D would mean a break of the long-term bearish flag, see linked related idea.
A reversal at D could be an anticipated retracement from the breakout.

There's also a similar approach with a smaller pattern, D being much higher:
snapshot
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