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

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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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