Intraday Price Action Trading Setup on Oil | Nov. 16th
Just wanted to share a brief intraday price action setup I took the other day on Oil.
Looking at the chart below, you can see the green arrows where the entry and exits are. Now the price jumped up really quickly on news the Hamas/Israel conflict escalated with the killing of the Hamas Chief of Staff. Unfortunately, I didn’t have time to catch the news and adjust my target higher, but my target was achieved nonetheless.
I would like to point out how after my entry, you could see the back to back pin bar rejections at D, followed by a doji, which was happening above the prior flag pattern that led to a pin bar reversal at A, and confirmation follow up buying at C.
So as the market headed back into this level, the pin bar rejections at D were additional communications to me the selling offers were being absorbed. And when I see this type of setup and my systems rules playing out, I will buy that.
Often times you will see these price action signals prior to an event which really is a trigger to accelerate the current order flow bias. It ended up being a 3+x reward to risk play that hit its target inside 20 minutes.
This is just one of the price action systems and patterns I discuss in the Price Action Course that happens everyday across several instruments.
NOTE* This setup offered the same profit potential as a 300pip trade with a 100 pip stop. If you had to wait from Nov. 8th till yesterday to hit your target, you are wasting your time for one trade that offers the same reward as this one. There is no reason why you should have to wait for days on end to hit a 2x or 3x target as these setups happen all the time and are consistently profitable.
Food for thought.
I will go over this trade in much further detail with my course members in a new video shortly, but I hope this offered you some insight into price action trading and what we teach.