RedHotCandlestick
Short

Crude Oil is getting smashed under King Kong's Fist

FX:UKOIL   Crude Oil (Brent)
Dear TradingView-Community,

the headline gives it away what we expect for the upcoming weeks but if you wonder what King Kong's Fist means and and how one can smash Crude oil             with it, then continue reading.

With that in mind we want to welcome you to our very first analysis on TradingView. As a new member to the community we feel obliged to introduce ourselves with a smashing (hint) trade.

Crude Oil             meets King Kong
Well, obviously we won't tell you a story about Apes now and we apologise for any disappointment but King Kong is the name of a chart pattern we use to draw attention to it.

We got yours, so we won't keep you on tenterhooks ...

As you can see we are working with the Ichimoku Kinko Hyo Indicator, which proofed incredible profitabel to us in the past. Used correctly it is a strong tool. As there a various patterns and ways of using the indicator we came up with our own, individual names for certain models (hence King Kong) to make it more clear with what strength of signal we are dealing with.

In this case we are having one of the stronger SELL signals, pointing direction $39.00 as a target. King Kong's Fist is basically a pattern where the price dips through the cloud and finds its way back up into the cloud, leading to a compression of candles within a few days. If you have a look at the chart you can see the strong bull candle, just a day after the price dipped through the cloud - basically a bull trap. in the following days the price went more or less sideways, compressing to a "fist".

Think of yourself: When do you clench a fist? Correct, when you are angry. Letting that fist go releases some energy and that is exactly what we are expecting to see within the next few weeks.

As an aggressive stop you could choose $48.55 or above - if you prefer a more conservative approach $51.00 will do for you.

One last note before we come to an end regarding conflict of interest: We have opened a short position based on the above analysis ourselves, following the more conservative model.

We hope to welcome you to more analyses in the future. Likes and comments are always welcome!
Comment: King Kong's fist is exactly what it says on the tin. We adjust the SL to break even and let this trade sail towards the target zone.
Trade closed manually: We have reached the 38% Fibonacci level and seem to bounce back a little bit. We will be banking profit at this stage and might reopen the trade after a possible correction.
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