I guess I need a hearing aid.
Thanks Mike!
https://blog.elearnmarkets.com/how-to-trade-megaphone-pattern/
Generally, Megaphone Pattern consists 5 different swings. But the swing has to have minimum two higher highs and two lower lows.
Megaphone pattern is known to give multiple trading opportunities to the trader.
A trader can trade Megaphone pattern as
metmike: Your megaphone pattern only has 2 trading bars so far mike.
Heating oil is having a potentially huge reversal down.
A big part of this may have been the extreme cold aimed at the Northeast being dialed in and not looking quite as cold on recent model runs.
HOG has spiked 26c, just since Jan 2nd. Heating oil has led the charge higher of the 3 liquid energies from extreme cold aimed at the Northeast........where they use the most heating oil in the Winter.
RB/Unleaded for instance was only up 18c during that time from so the HO/RB spread gained 8c because of the cold weather forecasts adding to the HO premium.
We popped over 1.90 shortly after the open but have reversed down without testing the major resistence around 1.94 from a month ago.
The liquid energies, including heating oil did reverse down today.
Crude down $1, unl down 3.5c and ho down 2.5c after being higher early yesterday evening.