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

FX:USOIL   Crude Oil (WTI)
a year 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.
a year ago
Comment: Market may well have broken below the triangle.
a year ago
Comment: Close below the support line confirms the break, I now expect and hope for a move down into the Gartely pattern.
a year ago
Trade active: Placed a short with a price target of $28.60pb
a year ago
Trade closed: target reached: Short target reached
a year ago
Trade active: Gartely trade placed
a year ago
Comment: Gartely SL placed at $27
a year ago
Trade closed: stop reached
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