US OIL : INSIDE PIN BAR COMBO SETUP FROM VALUE
US OIL DAILY :
Worth considering the inside pin bar combo Setup formed after prices moved back to the value Value refers to the 8 Day EMA layer). Now , if we look at the chart , we can see a clear dominant daily short-term uptrend with a nice UP momentum & within this short-term uptrend we get this nice inside pin bar combo Setup from the value area (Dynamic support), where MB is a nice pin bar so as the inside bar rejecting lower prices and the 8 Day EMA.
The Setup is worth a shot, so we entered long here targeting the $58.00 area or above with Stops below the low of the MB.
So , let's talk about the confluent factors we have for this trade idea :
1. Nice short-term uptrend with Up momentum.
2. A pullback to the value (8 Day EMA)
3. Inside pin bar combo Setup from the value area.
4. 1:2 R:R available
5. An up trust goes in-line with the weekly price dynamics.
Although , we do understand there are few downsides to this trade idea but based on the confluent factors we have , its worth a try.
Downside factors include :
1. daily 50% retrace right overhead
2. $57.50 near-term resistance overhead
3: weekly 150exp at $58.15 , (but thats OK , as if prices test the weekly exp , we are already out with nice 1:2 profits)
So , below is our entry on this trade :
Entered @ 56.30
Stop placed @ 55.60
TP @ $58.00
Trade is active & Let's see what develops!
Although in long term, our bias is bearish as we have a long-term bearish trend whilst prices remain contained under the $60.00 overhead resistance and we will be on a look out for price action Sell Setups from anywhere between the $58 - $60 territory. But for now price action is suggesting price testing the overhead key long term resistance levels.
NOTE : We can only be right 30% on the market and still end up profitable , which means any trade idea can be a loser or a winner so the key here is the money management. Manage risk properly.
Worth considering the inside pin bar combo Setup formed after prices moved back to the value Value refers to the 8 Day EMA layer). Now , if we look at the chart , we can see a clear dominant daily short-term uptrend with a nice UP momentum & within this short-term uptrend we get this nice inside pin bar combo Setup from the value area (Dynamic support), where MB is a nice pin bar so as the inside bar rejecting lower prices and the 8 Day EMA.
The Setup is worth a shot, so we entered long here targeting the $58.00 area or above with Stops below the low of the MB.
So , let's talk about the confluent factors we have for this trade idea :
1. Nice short-term uptrend with Up momentum.
2. A pullback to the value (8 Day EMA)
3. Inside pin bar combo Setup from the value area.
4. 1:2 R:R available
5. An up trust goes in-line with the weekly price dynamics.
Although , we do understand there are few downsides to this trade idea but based on the confluent factors we have , its worth a try.
Downside factors include :
1. daily 50% retrace right overhead
2. $57.50 near-term resistance overhead
3: weekly 150exp at $58.15 , (but thats OK , as if prices test the weekly exp , we are already out with nice 1:2 profits)
So , below is our entry on this trade :
Entered @ 56.30
Stop placed @ 55.60
TP @ $58.00
Trade is active & Let's see what develops!
Although in long term, our bias is bearish as we have a long-term bearish trend whilst prices remain contained under the $60.00 overhead resistance and we will be on a look out for price action Sell Setups from anywhere between the $58 - $60 territory. But for now price action is suggesting price testing the overhead key long term resistance levels.
NOTE : We can only be right 30% on the market and still end up profitable , which means any trade idea can be a loser or a winner so the key here is the money management. Manage risk properly.
Trade closed: target reached:
Out with +170 Pips ($1.7).