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 jan 9th

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Buddhist, Trader and Philanthropist

I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

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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).


    • 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,