US Oil Bearish Butterfly Pattern
After making a double top last week, price has begun to drop.
I would wait until tomorrow at least to see if price closes
below the 50SMA (Magenta) today for confirmation.
Bear in mind that Crude Oil Inventory data is released later
on in the day today, which may cause volatility as usual.
Trade 1 (RvR ratio 2:1)
Entry: re-test of Mondays low or PP - for aggressive entry
at market
S/L: 64.21
T/P: 59.94
Trade 2 (RvR ratio 2:1)
Entry: Close below 59.94
S/L: 65.04
T/P 1: 58.10
T/P 2: 51.41
T/P 3: 49.61
Adjust your stop/ loss for this trade after each target has
been hit, or use trailing stop/ loss.
Happy trading
After making a double top last week, price has begun to drop.
I would wait until tomorrow at least to see if price closes
below the 50SMA (Magenta) today for confirmation.
Bear in mind that Crude Oil Inventory data is released later
on in the day today, which may cause volatility as usual.
Trade 1 (RvR ratio 2:1)
Entry: re-test of Mondays low or PP - for aggressive entry
at market
S/L: 64.21
T/P: 59.94
Trade 2 (RvR ratio 2:1)
Entry: Close below 59.94
S/L: 65.04
T/P 1: 58.10
T/P 2: 51.41
T/P 3: 49.61
Adjust your stop/ loss for this trade after each target has
been hit, or use trailing stop/ loss.
Happy trading