Hello traders, and welcome to Baby Pips! My name is Constantino, and today I am here to share a bit of my journey and insights as a seasoned trader.
First of all, I am relatively new here, but my history with Baby Pips goes way back. Once upon a time, I was a novice, digging through the educational content available on Baby Pips. Now, with 12 years of trading experience under my belt, I thought it was high time to return and share the insightful analysis that I have been crafting for so long.
My approach to trading has always been straightforward - I trade what I see, focusing mainly on chart patterns. I have spent more than a decade trading on a daily basis, honing a simple yet effective approach to navigating the markets.
Today, let’s turn our attention to oil, an asset that has been frequently discussed here. Currently, WTICOUSD is showcasing a promising “cup and handle” pattern, with a trend line breakout at 83.392. While stops are generally placed at 80.547, I prefer to set mine just below the low previous to the breakout. This strategy allows me to cut my losses early if things don’t go as planned, giving me the opportunity to wait for further bullish confirmations.
The cup and handle pattern is particularly notable for offering excellent Fibonacci ratios, helping to pinpoint potential entry points, stop placements, and targets. Targets are typically determined based on the height of the pattern, and utilizing Fibonacci tools can further refine these levels.
Here are the targets I am watching:
Target 1
- 62%: 95.732
- 79%: 99.089
- Completion 100%: 103.323
For those looking to optimize their exit strategy, trailing stops might be a beneficial tool to consider.
Target 2
- 127%: 108.662
- 162%: 115.500
I hope you find this analysis helpful. Remember, the journey to becoming a proficient trader is a continuous learning process. Happy trading!
TCPLTP
