CL USOIL (WTI OIL) Possible Bullish Bat
CL USOIL (WTI Oil) is forming what it looks like a possible bullish bat formation.
As more my liking, I do not like how high the C point is at however if the pattern is completed, the formation still valid. The price must test the zones after the 0.382 time zone in order for the pattern to be valid, if price does it before then a trade should not be considered.
Just because the price is forming the structure does not mean that the price will reach such area but if it does, and if it is after the 0.382 time zone, then it will be wise to look at price action to see if it provides with a valid entry opportunity to enter a long trade. If it does not provide a confirmation then a trade should not be entered.
Be patient, always wait for your trade set ups to be completed, wait for a confirmation, follow your rules!.
As more my liking, I do not like how high the C point is at however if the pattern is completed, the formation still valid. The price must test the zones after the 0.382 time zone in order for the pattern to be valid, if price does it before then a trade should not be considered.
Just because the price is forming the structure does not mean that the price will reach such area but if it does, and if it is after the 0.382 time zone, then it will be wise to look at price action to see if it provides with a valid entry opportunity to enter a long trade. If it does not provide a confirmation then a trade should not be entered.
Be patient, always wait for your trade set ups to be completed, wait for a confirmation, follow your rules!.