Crude Oil Rounding Bottom And Long Opportunity
Oil started the week higher after a drone attack on a Saudi Arabian oil field. Crude Oil is printing a rounding bottom and cup&handle pattern on the H1 Chart. Our trade setup is as follows:
Pattern /Reason: Rounding Bottom
Time Frame: H1
Accuracy of the Pattern: 78%
Setup No: CRUD081901
Recommended Lot: 0.40
Trade Period: Intraday
Stop Loss: 54.70
TP1: 55.86 / Reached
TP2: 56.25 / Reached/ Book partial profit
TP 3: 56.50
Structural Target: 56.95
Divergence/ Convergence Confirmation: Not Yet – Will be updated.
Candle Pattern Confirmation: Bullish Pinbar
Moving Average Confirmation: EMA50 Support
The trend of the Timeframe: Bullish
The trend in the Daily Chart: Bearish
- We book partial profit and move the stop loss to entry. We will add long if it makes closing above 56.25.
- Bearish Bat pattern would be completed at D 56.95. I will post the details of the pattern later.
Warning and Things to Pay Attention:
- Harmonic Patterns are reversal patterns and mostly against the main trend on the chart they appear.
- Target levels are determined by MM Calculation as the pattern has not been completed yet. They may vary 3-5 pips according to the completion level of the predicted patterns.
- Pay attention to Time Frame, Trade Period and Estimated Completion Time, Accuracy and Recommended Lot Size clauses mentioned below.
- Do not risk more than 2% in one trade setup.
- We usually book partial profit at the first target and move our stop loss to entry or break-even level. Use your own risk/profit management to exit the trade.
- We are publishing potential opportunities. There are no certainties and traders bets on possibilities. Read the setup carefully before entering a trade and take your own decision.
VERIFIED ACCOUNT AND SETUP RESULTS
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