EURUSD Trade Update, Crude Oil Bullish After the Breakout | May 21st

EURUSD – Had a Feeling…
As mentioned in the members commentary yesterday, we didn’t like the way the EURUSD price action was behaving, so we exited for a tiny tiny profit. Turns out it was the right call as our stops would have been triggered. For those thinking this is some mere chicanery on my part, below is a screenshot from the actual trade post in our members commentary at 10.37pm GMT May 20th, whereby I talk about scratching the trade because the price action wasn’t behaving the way I wanted it to.

post scratching eurusd pin bar trade may 20th

Moving on, today the pair formed a long tailed pin bar signal + false break, which is still teasing a bit.

I’m going to stand aside on this one for now and let the price action develop around these levels before considering a long. It’s still in a bear flag/consolidation at the lower end of the range, so until I see more bullish bias, I’ll hold off for now as I don’t believe in sitting in trades for 5 days in the negative for most of the time with no real upside shown.
Our Trade Idea: Standing aside waiting for more to develop.

eurusd

Crude Oil – Climbs Higher, Still Bullish Bias
In our daily market commentary yesterday, we suggested WTI crude oil was likely to push higher breaking above the key resistance at 103 and testing 104.50. The commodity did just that, clearing 103 easily and coming just shy of 104.50. The bias is still bullish after the breakout, and a test of 104.50 seems on the cards, but it’s too high to buy now.

Our Trade Idea:¬†Will wait for a pullback into the 103-102.50 area to get long. If the pullback is corrective, I’ll enter in that range, but if it’s impulsive, then I’ll wait for the price action context to demonstrate more confluence, or signs on the intra-day charts (1hr and below) of buyers coming in before getting long.

crude oil

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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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  • saif

    Thank you so much for the excellent analysis chris. It is very helpfull

  • Joe

    Excellent cometary, I was of the exact same opinion yesterday. However I am long today as i have seen three nice rejections off the 1.3654 Demand level.

  • DC

    Thanks again for a great article, Chris! These sections where you give detail on the trade idea have been most helpful in refining my understanding of what to do with the market context that has presented itself – it’s one thing to know how to read the context, but another thing to know how to use it like the pros do.