Charts: USOIL

I have quite a few friends who have been looking at global oil prices regularly, as they are working in an Oil and Gas firm, and that their jobs are not secured as of the moment due to having no projects caused by low oil price.

I have this pattern for $USOIL which formed a bullish Gartley with Potential Reversal Zone (PRZ) at around $41.50. My strategy for this kind of trade is to wait for a bounce to .236 and place an aggressive C, meaning I have to short this one until it reaches its potential reversal zone. If you look at the price action, its a good way to short, right?

Figure 1: USOIL Chart

Until then, oil price would be quite low and be bad for those working in firms dependent on the price of oil. I don't expect also for oil price to go high above $50.00 for the time being, but since we are traders, we trade what is available in the market.

CAVEAT!

Disclaimer: Trading is a risky thing and the post in this site are for educational purposes only. Equities and Forex Trading is speculative in nature and may harm every trader and investor by losing money. Thus, do not treat this post as a recommendation to BUY or SELL a stock or a currency pair. Blog contents are valid only on the date of publication and will be subject to change without notice. Thus, the reader is advised to take precaution, and is recommended to do their own studies before pressing the BUY and SELL buttons. I will not take any responsibility with the readers trading results.

Share this

Share on FacebookPlus on Google+