Crude Oil: Small Bullish Bat

31 may 2017The bat completes at 49.09 -- the current low is 49.10 and I will count this as a completed pattern. I longed the contract at 49.15, however if I was more patient I could have waited for a re-test of the low/PRZ.

I am looking for another wave up in crude oil and depending on how this wave forms will I will either look for a sell in in the 51.57 area or further upside towards the previous highs and perhaps beyond.

But for now, the small bat. Stay nimble.

31 may 2017

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Patience is always the right idea

31 may 2017

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Now looking nice after the re-test (or real completion of pattern). If I had been patient I would be up 11 pips and the original risk was only ~9 pips, perfect time to move to breakeven for me. In my case I will need to manage this differently, but still look to move to breakeven soon and see how this plays out.

31 may 2017

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Targets for this pattern are identified by horizontal rays. I will need to determine when to take profit based on price action in these areas...if I really want to press my luck I will keep my stop at breakeven and see how far this ride goes