Crude Oil Trading Setup

by: Colibri Trader

Dear Traders,

The trading ideas from the last few times have been performing wonderfully. The US Indices seem to be in a small correction as expected. Let’s see how long will that correction continue.

The EURJPY trading setup did gain quite a few pips and now seems to be bouncing off from the first target. GBPJPY has returned even more pips, but it is bouncing off from minor support, too.

Crude Oil Trading Setup

Today, I am looking at another possible trading setup. It seems like Crude Oil is getting ready for a small resumption of the uptrend. Friday’s candle is a bearish rejection.

It looks like a pinbar, which formed on a minor support level. I am expecting to see a possible small retracement towards 48.50. Depending on the open, I will decide if a long trade is on the table.

I will also check with the intraday action from the 4H chart, because so far there is a small bullish rejection on the 4H chart. This is not a very affirmative sign, that’s why I will be looking more in-depth for a bearish rejection on the 4H.

My hypothetical target will be the zone between 50.00-50.50. 

Happy Trading,

Colibri Trader


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