Crude Oil Trading Idea

The trading day has seen some great moves. Crude oil gained over 8% after OPEC reached a deal on production cut. There were no major surprises from the currency markets.

by: Colibri Trader

The trading ideas from last time have already moved in the right direction. GBPUSD is just starting to gain some pips. I am looking positively on this pair and don’t think there is a reason to close any long trades. I will still be keeping an eye on the daily price action, to make sure all boxes are ticked.

Crude Oil Trading Idea

The last time I wrote about crude oil was last week. You can check out my trade idea HERE. The day was turbulent for the oil markets and I believe that an opportunity might have arisen one more time. There is a bullish engulfing pattern on the daily timeframe. It is a very large daily candle, which confirms that buyers are definitely outweighing the sellers. I will be looking to enter in a second long trade on a retracement. A good level is 48.00, where the previous support is located. My target will be around 55-60, depending on price action. I will place my stop-loss just below 44.50. It is quite a wide stop, but the target is pretty large, as well. Definitely not a trade for everyone!

Happy Trading,

Colibri Trader

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