FX Price Action – Crude Pin Bar on Pullback | May 6th

WTI Crude Oil
In the second leg of its most recent bull run, the commodity ran into resistance just north of $97. This caused some profit taking and a pullback into a prior role reversal level, forming a pin bar on the 4hr chart below. If the pin bar lows and $94.84 level holds, then a retest of $96.30 and $97 is on deck. A break below $94.80, will likely result in more profit taking, and setup an attack on $94.00.

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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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  • Aravindh Reddy

    but check it in daily time frame.
    this shows double top and nice bearish bar.

    can you explain me how to validate these things?

    • Hello Aravindh,

      I didn’t have a bear bar on the daily, and if you learn to read price action, you can see the difference.
      As you can see, playing a long off the level would be well into profit now.

      Kind Regards,
      Chris Capre

  • arslan

    hi sir please inform me about broker whose charting system is most effective you are using which broker software i am currently using fxcm but i want to change now this plz guide me about this.

    • Hello Arslan,

      The charts I use are fxtrek intellicharts, which cost $100 a month.
      If you don’t want to get these, then I’d suggest fxcm’s TS2 charting.

      Hope this helps.

      Kind Regards,
      Chris Capre

  • arslan

    thnx a lot sir.