Crude Oil Potentia Bearish Butterfly into Bullish Cypher

For this pattern to complete the price will have broke the downtrend line so watch out for any bullish signals near the D point.

Comment:

Just tweaked it a bit, completion point of my butterfly is 54.93.

I will consider the Cypher as valid as long as price does not go below 52.66

Comment:

This idea is working well so far. I shorted once at 54.75 based on the butterfly (even though I had been waiting for 54.93 -- disappointed in myself for this).

I have moved my stops to protect some profit and am going to look to switch to long at the completion of the Bullish Cypher pattern somewhere a little above $52.

Trade closed manually:

The butterfly hit TP1 (circled) and at the completion point I saw this bullish Bat pattern so I closed my shorts for now (but did not long). I am hoping to be able to re-enter at the TP1 of this bat around 54.05. I was conflicted originally because I had planned to hold for $52, but as this is a valid bat right at TP1 I think this is the safer way to play this. We will find out!

Comment:

I'm back baby! Short that is.../CLJ7 at 53.98. Will watch price action at TP2 of the Bearish Butterfly (52.65) and of course at the completion of the bullish Cypher (~52.02)

Comment:

Idea is still active... still looking to buy around 52

Trade closed: target reached

Trade active:

This worked out very well so far! Now switching sides...go Bulls!