If we take a look at the Brent UK Oil 4HR chart, we see an absolutely textbook double bottom pattern (Eve-Adam version).
Price action has already broken the neckline as seen in the diagram, and has also made a textbook retest and hold of the same line.
According to the pattern we should see a move of around $4.24 or ~10%. When multiplied by our chances of success (72% or 0.72) we get a TP target of $3.05 or ~7% or $45.64 ( measured from neckline.)
TP1: $45.64
TP2: Let run with a tight trailing stop (move to each new Higher Low)
SL: Bottom of right "bottom" or ~$38.85
This makes a very poor R/R of only ~0.85..... however, considering the movement seen , and the high chance of continuation,
this is a trade I will personally be making, closing half at our first TP and letting the remainder run with a SL set at breakeven point.
Pattern information and percentages : thepatternsite.com/DBTradingSetup.html
Price action has already broken the neckline as seen in the diagram, and has also made a textbook retest and hold of the same line.
According to the pattern we should see a move of around $4.24 or ~10%. When multiplied by our chances of success (72% or 0.72) we get a TP target of $3.05 or ~7% or $45.64 ( measured from neckline.)
TP1: $45.64
TP2: Let run with a tight trailing stop (move to each new Higher Low)
SL: Bottom of right "bottom" or ~$38.85
This makes a very poor R/R of only ~0.85..... however, considering the movement seen , and the high chance of continuation,
this is a trade I will personally be making, closing half at our first TP and letting the remainder run with a SL set at breakeven point.
Pattern information and percentages : thepatternsite.com/DBTradingSetup.html
İşlem kapandı: durdurma seviyesi
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.