Price Action Trading - Crude Oil Breakout Recap | Jan. 11th

breakout pullback setup price action trading crude oil chris capre jan 11th

Crude Oil
Earlier this week I talked about in my forex commentary that Crude Oil was prime for a breakout of the $93.75 area.  I had suggested to look for a breakout pullback setup shortly after the price breaches the key resistance area.  This is exactly what happened and offered a really good price action setup shortly after the break (see chart below).

Crude Oil 5m Chart

Looking at the chart above, starting with the bottom left, we can see the pin bar bottom and then accumulation buying.  This leads to some strong buying all the way up to the key resistance level.  Price rejects off this level and you will notice towards the right side just before …

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