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...with all the excitement and drama happening in the middle east, I was wondering where CL would be heading. Since the only "LEADING INDICATOR" I know is the Butterfly, why don't I give it a shot.
Go Go Go gentle butterfly...flap your wings
"Faith is the substance of things hoped for, the evidence of things not seen." --- "Therefore, I Believe it and I will see it. And every day and in every way, I am healthier, wealthier, and wiser."
Very interesting, but let me ask -- what is your entry point (price) and what is your stop? On this type of market you may need a 500 tick or 1,000 tick stop if you are going to try and hold for the 126.00 zone.
Hi Mike, I took your suggestion on this exercise...the Monthly chart is the projected profits, targets 1, 2, & 3. The 10 minute chart is the actual entry, 97.27...3 contracts exiting targets 1, 2, & 3 respectfully.
Well, I realized from my public trade calling on Eur/usd chat room that I would need at least 100k trading account to handle $300 swings. So I figured I would at least need a 1 million dollar trading account to trade this monthly...make it 3 million since I'm trading 3 contracts
As far a stop loss goes, well, it's more of a read exercise for me, but I would put at the C of the AB=CD.
"Faith is the substance of things hoped for, the evidence of things not seen." --- "Therefore, I Believe it and I will see it. And every day and in every way, I am healthier, wealthier, and wiser."
If the confluence @ 1.3040 fails and price action smashes through it,
the next level of confluence that may provide good information is shown in the red circle
Here we have four lines, including a bc expansion and R2 pivot line for weekly.
the pattern, if it reaches the red circle, would be an imprecise butterfly,the ab retracement is not exact 0.786
the yellow circle would be a gartley of sorts.
Again the b point has not retraced exactly to 0.618 so the shape is not precise.
However, i am closing first long position at gartley prz, and holding other for butterfly
Conclusion. Looking at the h1/h4 shape, we have a prz around 1.3040, as represented by yellow circle
this is further defined by a prs on smaller timeframe that has same prz. ( yellow circle)
"Faith is the substance of things hoped for, the evidence of things not seen." --- "Therefore, I Believe it and I will see it. And every day and in every way, I am healthier, wealthier, and wiser."
