Price Action Trading – Crude Oil Pin Bars & Breakout Setup | Jan. 9th

Crude Oil
Consolidating between the key support at $91.50 and $93.75, the price action has defined its levels clearly via two pin bars, with one rejecting off the top level and another off the bottom.  Since we are currently in an uptrend, longs are more favored at this point.

I am looking at possibly buying on a corrective pullback towards $91.50, or will watch for a breakout pullback setup above $93.75 to get long.  Any major breakdown below $91.50 will test the bulls at $90, while clearing the upside should put $95 and $97 in focus.

pin bar price action breakout pullback setup chris capre 2ndskiesforex.com jan 9th

For those wanting to learn to trade price action, access to the traders forum, lifetime membership & more, visit my Price Action Course page here.

Buddhist, Trader and Philanthropist

Chris Capre, Founder of 2ndSkiesForex, is a professional trader who specializes in trading price action. His blog attracts 150,000+ monthly readers across 110+ countries, including; Australia, USA, Singapore, UK, Canada, & Germany. To discover more about Chris’s Price Action Strategies, visit his Price Action Course page.

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Discussion

2 Comments on the article

  • Cons - January 10, 2013 1:50 pm

    Hello Chris,

    I am just curious, is the chart a CFD crude oil or Futures Crude Oil (CL).

    Cons

    • Chris Capre - January 12, 2013 7:56 am

      Hello Cons,

      Yes, its a CFD crude oil chart as that is what’s available through my broker.

      Kind Regards,
      Chris

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