Crude Oil Trading Idea

by: Colibri Traderaudusd bullish rejection

The trading idea from last time started to go in our direction, but then closed the day just below the resistance area at 0.7550. The candle that was formed was a bullish rejection, which showed that traders were not ready to conquer new highs. I have shown this on the screenshot on the right hand side. You can see the market hesitance and the following red candle taking stops out of the long traders. I was stopped out at 0.7440. This was not the best trade I have taken, but at least good enough to keep up awake and ready for challenges.

Crude Oil Trading Idea

Today’s trading idea is coming from crude oil. As you can see on the picture on this post, crude has taken a small correction and now more buyers are showing on the scene. If you remember, in the past few weeks, I have written about crude oil and so far all trades have been extremely profitable. For the ones amongst you that are following my trading strategy, these trades might have been even more profitable. There were great setups on the 4 Hour chart, but here I will just stick to the daily. On Thursday, there was a bearish rejection candle that led to further gains on Friday. Now, I am looking for a long entry at around 51.50. My stop-loss would be placed just under 50.00, where the psychological support level is located. My first target is the level of 54.50. My secondary price target is the level of 60.00, as outlined in the previous articles.

Happy Trading,

Colibri Trader

p.s.

To check out my first article where I started building a position in this market, click HERE

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