Just a potential trading idea in a development. Looking at Daily chart of US Oil, I noticed a Harmonic Pattern developing. Now, I am not too hung up on proper names of these patterns and am not too obsessed with swings hitting "textbook" retracement or extension rations on the nail. I am a little bit more liberal with my Harmonic Pattern trading.
Now, in my world this pattern is effectively a Butterfly like pattern (again, I know that obsessive Harmonic Pattern traders could either point out a more appropriate name or all together discredit this pattern), but I will repeat - in my world, this is a Butterfly type pattern.
Hence, I am looking for potential reversal in Price Reversal Zone (PRZ) = 55.90 - 56.40. At the moment I have not seen any catalyst for a short...so just watching.
Targets would be:
Target 1 = 51
Target 2 = 47.60
Let's see how this turns out.
Good trading,
GG.
Now, in my world this pattern is effectively a Butterfly like pattern (again, I know that obsessive Harmonic Pattern traders could either point out a more appropriate name or all together discredit this pattern), but I will repeat - in my world, this is a Butterfly type pattern.
Hence, I am looking for potential reversal in Price Reversal Zone (PRZ) = 55.90 - 56.40. At the moment I have not seen any catalyst for a short...so just watching.
Targets would be:
Target 1 = 51
Target 2 = 47.60
Let's see how this turns out.
Good trading,
GG.