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Short

Short OIL at important level of significance

FX:USOIL   Crude Oil (WTI)
108 1 4
AB=CD completion move around 52.40 wich matches with
a significant level of importance. D point of a bearish butterfly completion matches this level so i will expect a sharp drop at this level.

At the moment price is consolidating in a pendant so a breakout to the upside will match our PRZ if we measure the lenght of the bottom/top of the pendant.
So for the moment we will wait for price to reach our PRZ and then will take a close look at price action and find if there is a setup that can give us a good risk reward ratio to open a short position
Order cancelled
Very interesting and perfectly clear view on oil, easy to understand.
My trading platform with PEPPERSTONE gives XTIUSD for Oil with a price
slightly different from WTI.
The closing of the 14th is US$50.69 on XTIUSD and US$50.19 on WTI.
So is it correct to say that the decision to short will be based on the
price action on WTI as shown on TV, irrelevant of the XTIUSD price ?
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