olly_price

Possible start to oils rise? (Triangle break into bullish Gart.)

FX:USOIL   Crude Oil (WTI)
9 months ago
There are a number of ways this trade could play out:

1. Triangle and long-term resistance breaks at touch point 7 of the symmetrical triangle. Would place an initial profit target at $34.80 and then at $38, and if this target was reached I would consider holding this position for a prolonged period of time.

2. Triangle breaks at touch point 6 to move into a Gartely formation. Short at the break, buy at $28.50. Profit target for the Gartely would be at the long-term resistance line. For any signicant move above this long-term resistance, see trade 1.

3. Triangle breaks at point 6, Gartely gets stopped out (this won't matter because the stop loss for the Gartely would be equal to the profit taken from the triangle breaking at point 6, so there will be no net loss of money).

4. Something completely different!

I am looking forward to seeing how this plays out, could potentially be a lot of profit to take from these trades.
9 months ago
Comment: Market may well have broken below the triangle.
9 months ago
Comment: Close below the support line confirms the break, I now expect and hope for a move down into the Gartely pattern.
9 months ago
Trade active: Placed a short with a price target of $28.60pb
9 months ago
Trade closed: target reached: Short target reached
9 months ago
Trade active: Gartely trade placed
9 months ago
Comment: Gartely SL placed at $27
9 months ago
Trade closed: stop reached
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out