krugman25
Education

USO / OIL / CL - Inside Bar / Pin Bar Fake Out

NYMEX:CL1!   Light Crude Oil Futures
A second fake out has occurred from an inside bar setup that has been forming for a number of days. The inside bar is sitting on top of support with the first and second pin bar having formed a false breakout of the mother bar and support level before pulling back in. Price has been carving out HH and HL for the past few months. There is a mini flag pattern forming as well. The price target is between 60-61.
Trade closed: target reached: 50% of this trade has been closed as my first TP level was reached overnight. Profit is about 1.1x the original SL level.

SL is being moved to around 57.60 for a guaranteed profitable trade even if stopped out, with final TP level between 60 and 61.
Trade closed manually: Closed the last 50% at $58.90 due to bearish price action that had formed intra day, in addition to bearish price action in SPY (which it has a decent correlation to right now). I will normally let a trade run and either hit TP levels or stop loss, but if I see convincing price action that is counter to my trade, I may close manually, as I did here.
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