Bat Pattern performed, price had been over acted though.
because of Fibo level, taking short here is quite hesitating.
2 options are possible for next week
1. wait for re-bound
2. wait for confirmation (price goes under previous candle's low)
1 has better RR ratio but larger stop loss
2 has smaller stop loss but smaller RR ratio.
even though i failed last short try on oil,
It seems very low risk and greater reward.
now price reached 1.13 level of previous record high.
and also price tried to break out upper parallel channel but failed.
Trading strategy 1 (Blue arrow)
If price holds above C point,
take long with small SL at support level.
Trading strategy 2 (Red arrow)
If price break-out potential neck line,
take long when price is corrected.
Also if price break out B point,
we may consider BAMM of harmonic pattern.
Both Strategies have great RR ratio, around 4~5.
bullish 5-0 pattern formed at key level.
if candle pattern confirms reversal,
this is chance to long.
very small SL.
RR ratio is amzing.
tp1 is 0.618 level of CD wave
tp2 is 1.13 level of BC -0.03% wave
SL will trigger if candle close under key level
Price has reached reversal zone,
various harmonic patterns support
short term correction, as well as
price is at top of parallel channel.
Indicators supports potential downward movement
VPCI,MACD shows bearish divergence.
Rsi, Stochastic in overbought zone.
MACD histogoram is also decreasing.
IF price breaks out Red line, this could be confirmed Rising Wedge...
I'm newbie trader, hasn't experienced Cup pattern in my real trading though,
It looks very similar with what I saw in Text Book.
(If someone experienced Cup pattern, plz comment )
MY entry was 15.5,
entry after breaking 16.7 level still looks great.
target 1 is 19 level
target 2 is 22 level
Stop loss at 15.5 (For me this is Break-even.)