Euro Pullback Profits +91 Pips, Crude Oil Pin Bar Nets 160pts | July 9th
EURUSD – Pulls Right Into Resistance and Sells Off
In my weekly market commentary, I suggested looking for pullbacks into the 1.2881 level to short the Euro, targeting 1.2790/50 levels. Today the pair pulled right into the 1.2881 level, went 16 pips higher, then sold off over +130 pips from the highs. Anyone with approximately a 20pip stop would have gained over 4R on this trade (4x your risk). Savvy price action traders would have profited nicely on this intraday setup, and you would not have needed to wait days on end for it (only hours).
The bear trend is still in play, so look for sell signals towards 1.2845 (4hr 20ema). Once 1.2750 is cleared, 1.2650 and 1.2600 will be on deck.
Crude Oil – 2nd Pin Bar off Level Profits +160pts
Yesterday we talked about the pin bar setup on the role reversal level at 102.11, suggesting to look for buy signals there to trade with the trend. Today the commodity formed another pin bar off the support area, jumping 220pts (or $2.20) from the intraday pin bar. Our target of 103.99 (+160pts) was hit within hours, offering up over a 3.5x risk, so hopefully you profited from this as well. The trend is still intact, so look for pullbacks towards 103.36 and 103.90, targeting 105 with similar stops as the prior trade.
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