Waiting for Pattern Completion @ 55.9

FX:USOIL   CFDs on Crude Oil (WTI)
164 9 2
Waitng for D Completion before entering long with initial targets at 57.9 and 59.6. Also looking for extended targets when we see more price action over the next few days or weeks.

My sentiment is neutral at this stage as I have a small short position in action as we speak but also looking to go long provided this pattern completes.

What kind of XA retracement have you got at D? Why 55.60?
petermp25 petermp25
I've got a bat pattern with D a bit lower
petermp25 petermp25
hey...The D completion is at the 88.6% retracement. It can go lower of course (Does not pass X Leg)
Not sure why ours are different cause they look pretty much the same..unless i got it slightly off on the chart

petermp25 anthony.pham00
Ah yeah, I think it's because I adjusted the D point to be a 161.8 of the AB move, which is the criteria for a bat pattern. But if you look at D I drew in a rectangle which includes the area between if you had used the 88.6 as you did, arriving perfectly at $55.90, and then also the 161.8 arriving at 55.67. So i think any retracement in that area would be correct ^_^
petermp25 petermp25
But for now, hoping for some more upside!
I decided to enter short on Friday afternoon and was able to catch the ride down. My short term target is 58.40 (Also an important support level)
petermp25 anthony.pham00
Oil is looking pretty good at the moment, Still hopes for 55.67
HI Peter,
I think its all going to depend on your risk to reward. If I feel comfortable with that, then I could enter a limit order. If im not comfortable with the risk then I could hold off and monitor price action before entering at market.
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