US Oil (Cypher and Harmonic Patterns) -4h Chart

29 Agu 2018

Confirmations for Cypher Pattern:
- A to B must touch 0.382 but cannot exceed 0.618
- B to C must touch 1.272 but cannot close below 1.414 (Trend-Based Fib Extension)
- C to D must touch 0.786 - 0.886 of X to C
- First TP at 0.618 of D to C (Fibonacci)
- Second TP at 0.382 of D to C (Fibonacci)
- Third TP would be back to point C
Good Trading. -4h Chart

2 Sep 2018

Catatan

Price made another higher high reaching retracement 1.13 to confirm point D of a Shark Pattern:
- A-B must touch 0.382, but cannot exceed 0.618
- B-C must touch 0.618, but sometimes exceeds A retesting previous levels (FIbo A-B), or just keep an eye on that 0.236.
- D completion at 0.886 or possible extension at 1.13(Fibo X-A)
- Take profits at 0.382 and 0.618 (Fibo C-D)
- Third TP would be long term back to where it all started

We can see second SL been a good resistance for those who entered with the Cypher trade and are still holding, with the Shark Pattern we can finally expect bearish movement. (SL above resistance)
Good Trading. -4h Chart

5 Sep 2018

Catatan

Price made several higher highs before going bearish, but we can see it was because of a Three Drives Pattern been formed.
- 3 higher highs
- 2 consolidations or pullbacks within
- Higher highs within Trend-Based Fib Extension retracements (1.618, 1.271 and 1.414)

At this point trade is active and bearish, there could be some type of pullback or consolidation for bearish continuation.
Good Trading -4h Chart

6 Sep 2018

Catatan

Minor flag was formed for bearish continuation hitting first TP
Good Trading. -4h Chart