US OIL : INSIDE PIN BAR COMBO SETUP FROM VALUE

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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.
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Out with +170 Pips ($1.7).
Chart PatternsTechnical IndicatorsTrend AnalysisCrude Oil WTI

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