Price Action – Crude Oil Pin Bar Pullback Plays Out | May 8th

WTI Crude Oil – Breakout Pullback Setup Profits
On Monday this week, I discussed in my fx market commentary how Crude Oil had formed a pin bar off key support, and was offering a good setup to get long around $94.84. Price hit $94.90, gave two touches on the intra-day charts, then went higher, now up 173 pts on this one, so hopefully you profited from this one as well as its now offered over a 5:1 reward to risk play.

The commodity looks like it wants to make an earnest attempt at taking out $97, but keep in mind we have $97.65 and $98.21 up ahead, so likely sellers parked there. Bears can look to sell towards the higher levels, targeting $97 and $95, while bulls will need to wait for the stops to get tripped up there, before finding new bulls to join the cause.

pin bar key level profitable trade crude oil price action 2ndskiesforex.com

Visit our Free Beginners Course, & my newest forex video on Price Action, Order Flow and Transitions

Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.

Verified Profitable Trader

Hi, I'm Chris Capre, Founder of 2ndSkiesForex. I've turned $3,000 into $83,000 in my first 6 months of trading. I'm a verified profitable trader and trading mentor. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action and the Ichimoku cloud. As a trading mentor, I have one goal: to change the way you think, trade and perform using 18yrs of trading experience and cutting edge neuroscience to wire your brain for successful trading. Want to improve your trading edge and mindset? Check out my trading courses here.

Related Article