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Chris Capre
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Chris Capre is a professional forex, index futures and commodities trader, specializing in Price Action & Ichimoku trading. Chris applies his methods to the markets both intraday and medium term swing trading, and has been trading for over 13 years. He is also the manager for a private fund... More
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2ndSkiesForex
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Trading Price Action and Pivot Points
  • Price Action | Crude Oil Breakout Recap | Jan. 11th 0 comments
    Jan 11, 2013 11:32 AM

    Crude Oil
    On Wednesday this week, I opined in my forex commentary that Crude Oil was prime for a breakout around the $93.75 level which had acted as resistance during this recent uptrend.

    In my commentary, my suggestion was to look for a breakout pullback setup just after price breaches the key resistance area. This is exactly what played out and offered a really good price action setup shortly after the break (see chart below).

    Crude Oil 5m Chart
    breakout pullback setup price action trading crude oil chris capre 2ndskiesforex.com jan 11th

    Starting with the bottom left of the chart above, we can see the pin bar bottom which was followed by the accumulation buying. After price climbed strongly with the bulls taking control, price action rejected off the key resistance area.

    Just prior to the breakout, you will notice how the bulls keep attacking the level.

    The breakout bar is also quite large which is a healthy sign for a good breakout.

    Shortly after, price uses the resistance level as now support, and then launches up over +80 pts in an hour.

    Many of my students were savvy and picked this up catching this textbook setup so hopefully you did as well.

    I hope you enjoyed today's forex commentary and analysis.

    Kind Regards,
    Chris Capre

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