US OIL : PIN BAR STILL ACTIVE
We are taking another chance here shorting the US OIL from current levels and will place Stops @ $54.20 (Stops must be placed at levels that if get hit should nullify the whole idea).
Daily goes in-line with our Sell call , and we have a nice Pin bar Setup on the 4 hours , there has been an inside bar setup formed right after the Pin bar in the last seasons. Now , this inside bar setup is showing a little indecision at the moment and we need a confirm break and close below the low of the inside bar in coming sessions in order for price to test the lows at around $51.20 - $52.00.
We did take this trade yesterday and moved Stop in favour once trade went in desired direction and eventually got sucked out in market noise & took only 20Cents hit, whereas the original position was opened with 80 Cents Stop loss.
So, below are the factors of confluence we have available to take this trade :
1. We have daily dominant bearish trend.
2. EMA's in-line with the Sell setup on 4 hours.
3. Pin bar on the 4 hours rejecting the 23% daily retrace level of the recent swing.
4. 150 exp rejection by the Mother bar formed before the Pin bar.
5. Minor fake out of the inside bars on the 4 hours available by the Pin bar Setup taken.
6. Daily chart goes in-line with our Sell idea. we have had two recent false breaks available on the daily faking the 23% fib level.
7. 1:2 R:R available.
Entry Price @ $53.40 & can scale in a bit more at or near the $54.00 Supply area as well with same Stop placement.
Stop loss @ $54.20
Profit target @ $51.80
We are taking another chance here shorting the US OIL from current levels and will place Stops @ $54.20 (Stops must be placed at levels that if get hit should nullify the whole idea).
Daily goes in-line with our Sell call , and we have a nice Pin bar Setup on the 4 hours , there has been an inside bar setup formed right after the Pin bar in the last seasons. Now , this inside bar setup is showing a little indecision at the moment and we need a confirm break and close below the low of the inside bar in coming sessions in order for price to test the lows at around $51.20 - $52.00.
We did take this trade yesterday and moved Stop in favour once trade went in desired direction and eventually got sucked out in market noise & took only 20Cents hit, whereas the original position was opened with 80 Cents Stop loss.
So, below are the factors of confluence we have available to take this trade :
1. We have daily dominant bearish trend.
2. EMA's in-line with the Sell setup on 4 hours.
3. Pin bar on the 4 hours rejecting the 23% daily retrace level of the recent swing.
4. 150 exp rejection by the Mother bar formed before the Pin bar.
5. Minor fake out of the inside bars on the 4 hours available by the Pin bar Setup taken.
6. Daily chart goes in-line with our Sell idea. we have had two recent false breaks available on the daily faking the 23% fib level.
7. 1:2 R:R available.
Entry Price @ $53.40 & can scale in a bit more at or near the $54.00 Supply area as well with same Stop placement.
Stop loss @ $54.20
Profit target @ $51.80
Trade closed: stop reached:
We are out & definitely not going back in until we have a clear price action Setup.
Staying on sidelines for now!
Staying on sidelines for now!
Now , this is something we didn't expect or may be we ignored!
We might will have to move out stop a bit because of this, price is on its way to test the 4 hourly downwards trend line and the recent swing upward left a space near the support level.
Price leaving space near the key level on line chart somehow confirms the move.
saying this , we might take a stop , as the main reason we took this trade was for the 4 hourly pin bar , and our stop is above the high of this Sell Setup , so if the Stop is taken , the whole idea of Selling is nullified.
So far, we are in this trade & will see what develops!