Crude Oil Price Action: Pin Bar/Inside Bar Bullish Combo

Though I do not trade the news nor give much attention to it, but the possibility of a US military strike on Syria seemed inching one step closer to reality when a key US Senate panel approved a draft resolution allowing a 60-day military action in Syria that would be put to vote on Wednesday. Our chart also appears to be in-tune with that expectation following a Pin bar/Inside Bar Bullish Price Action Combo Setup on the daily time frame. If this Setup pulls off, expectation would for price to atleast hit the 111.00 Psychological resistance zone, as shown in the chart above.


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Crude Price Action: Pin Bar Price Action Trade Setup. May 23, 2013.

 

Crude faced significant bullish pressure as it hit support at the close of the US session today. A Pin Bar ensures which signals for further bullishness. Long entries are advised at about the 50% retracement region of this Pin Bar and price is expected to target the recent highs as long as the Pin bar low is not breached.

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Crude Price Action: Fakey With Pin Bar Setup. May 10, 2013

 

A lot of people have written to commend what I do but I feel I should be thanking them for having the time to read my posts as well as commenting on them, while some have sent me emails or IM's instead. I say this because their criticisms and compliments have both had the same effect on me, spurring to get better at what I do. I am happy that the hardwork continues to pay off.

Crude seemed to play out a script as written and directed by Chris Ahize. From its commentary on May 8, I had expected a quick dash back into Key Support and a possible price Action Buy Signal at that zone. We now have a Fakey Setup at its confluence zone. The Potential risk on this setup is quite large and would recommend buying the pair from its 50% retracement region with stops below the Fakey Pin Bar.

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Crude Price Action: Crude in Critical Resistance Region. May 9, 2013

 

 Crude now trades within critical resistance region. While the Trend does seem to be validly bullish after the break of the daily 123 formation, Rotation back into support is still expected to offer clear Price Action buy signals to join the bulls. In the meantime, a Pin Bar as well as an inside Pin Bar on the daily chart could help trigger this bearish pullback.

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Crude Price Action: Crude hits support 04/04/2013

 

At the start of the day's trading session,Two Pin bars were spotted off the dynamic support, seeming to imply that lower prices were being rejected, however, a counter entry was made in the Trade Room instead. I gave a call to sell the pair instead based on some other factors like the poor risk/reward ratio. The Trade cam out with a 200pips profit for our trouble eventually. Setups like this are what I concentrate on teaching in my advanced Price Action Course.

Crude Price Action: Pin Bar Trade Setup Fails, 27/03/2013

 

The Trade room was going to trade this setup and I actually did give a trade call on it, but did a quick reverse when I took another look at the 4hr chart pattern. (Which I use to filter out potentially good setups). Now that resistance is broken, long entries will be made if price manages to rotate lower into New Support at 94.82 pending good price Action Setups.

My recommendation: Wait for price to reach Support or Resistance 

Crude Price Action: Pin Bar Trade Setup, 26/03/2013

 

Crude finally reached our TP and Resistance (95.00) today, giving us a nice 1:2 risk/reward (250pips) as it did, in our long entry on it from the initial Fakey with Pin Bar trade setup of the 19th March. Price was immediately rejected at resistance and this could lead to sellers getting in and sending prices lower. However, immediate support is found at about 93.90. Price must break below it for any significant sell off to come into play.

My Recommendation: Sell cautiously with stops above the tip of pin.

Crude Price Action: Fakey with Pin Trade Setup, pulls off 23/03/2013

 

 On the 19th of March, I posted a Fakey with Pin Trade Setup on crude. This setup was traded in the premium trade room and after a few scares to some of the new members, the trade eventually moved higher targeting our usual 1:2 risk reward ratio. This is one the things I try to teach in my Price Action Forex Course, setting up your trade based on clear signals and letting it run to its full course.

Crude Price Action: Fakey with Pin Trade Setup, 19/03/2013

 

We've got a bullish Price Action Setup on crude. The Fakey with pin Price Action Setup, which also managed to break resistance, could send prices higher in the coming days. Join us in the Trade Room to see if and how we intend to trade this setup.