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WTI Crude Oil Trade Setup: Triangle Breakout

WTI Crude Oil Trade Setup: Triangle Breakout

Pattern /Reason: Triangle Pattern / Bearish Butterfly

Time Frame: M30 / H1

Accuracy of the Pattern: 83%

Setup No: CRUD240602

Recommended Lot: 0.20

Trade Period: Scalping / Intraday

Active/Pending: Activated

Trade: Long

Entry: 57.90 -58.00

Stop Loss: 57.20

TP1: 57.50 / Reached

TP2: 57.65 / Reached

TP 3:

Divergence/ Convergence Confirmation: —-

Candle Pattern Confirmation: —-

Moving Average Confirmation: SMA 100 Resistance

The trend of the Timeframe: Neutral

The trend in the Daily Chart: Bullish


As seen on the chart Bearish Butterfly at 58.65 to short. But we need to see the Price action.

We also have Bearish Bat Pattern on the H4 Chart as I posted before. Short Entry Zone: 58.60-58.90. But its too early to speak out it.

Update: Long Trade Reached the targets and closed.

Bearish Butterfly Setup: Crude Oil Butterfly and Short

Warning and Things to Pay Attention:

  1. Harmonic Patterns are reversal patterns and mostly against the main trend on the chart they appear.
  2. 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.
  3. Pay attention to Time Frame, Trade Period and Estimated Completion Time, Accuracy and Recommended Lot Size clauses mentioned below.
  4. Do not risk more than 2% in one trade setup.
  5. 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.
  6. 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.



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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money

WTI Crude Oil: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility

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