In the market we see patterns and price action repeat itself over and over again. This is the very framework of technical analysis - where we forecast future price action based on historical price patterns.
In one of our previous posts, we looked at a very similar price behaviour from EURUSD where we had the same sequence of price action play out almost identically to historic price action. See below:
EURUSD went on to play out exactly how it did previously.
Here we have USOIL making eerily similar price action before. We have the following:
1. Bullish correction
2. Major impulse
3. Minor impulse after a brief retracement
4. Double top... Kinda = The second peak went above the first peak
5. Major Drop
It is possible that we'll see very similar price action now in Phase B and have a major drop just like we did in Phase B.
Trade Idea:
- Watch for price to break the double top and then reverse
- Enter with stops above the highs
- Long term target will be the structure level indicated in the chart (5000pips) but take your positions off gradually
Goodluck and as always, trade safe!
In one of our previous posts, we looked at a very similar price behaviour from EURUSD where we had the same sequence of price action play out almost identically to historic price action. See below:
EURUSD went on to play out exactly how it did previously.
Here we have USOIL making eerily similar price action before. We have the following:
1. Bullish correction
2. Major impulse
3. Minor impulse after a brief retracement
4. Double top... Kinda = The second peak went above the first peak
5. Major Drop
It is possible that we'll see very similar price action now in Phase B and have a major drop just like we did in Phase B.
Trade Idea:
- Watch for price to break the double top and then reverse
- Enter with stops above the highs
- Long term target will be the structure level indicated in the chart (5000pips) but take your positions off gradually
Goodluck and as always, trade safe!
Note
Be sure to check out the new DXY trade idea - where every move makes sense! 
Note
USOIL - Watching this trendline for confirmation on shortsNote
USOIL Update - Price went onto pierce the double top and then reverse... Just as we anticipated! Hope you guys managed to get in!Note
Have a look at the new post on USOIL which will blow your mind... it sure did blow mine!
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Free Telegram: t.me/Wicktator
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Want more chart ups like this? Click the links below:
Free Telegram: t.me/Wicktator
Forex VIP: t.me/WicktatatorVIP_bot
Free Telegram: t.me/Wicktator
Forex VIP: t.me/WicktatatorVIP_bot
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.