Trade Recap – USOIL

Date: June 18th 2020

Currency Pair: USOIL

Trade Direction: Long

Entry Setup: Low Test Candlestick formation

Daily Trend: Bullish

Trade Outcome: Win

Comments: After the recent huge drop in price, oil prices has been steadily rising. If you look at the daily timeframe, i would call the intermediate daily trend Bullish, simply due to how price was able to bounce back. Below is a snapshot of the daily timeframe.

Daily time frame

Following this I was anticipating pull back on the 5 minute chart. As seen on the chart below, though the price pulled back below my support level this price action was not able to hold its lows, as such price was able to quickly bounce back up while printing a low test candlestick signals for my entry. This was also the .618 Fib level.

5 Minute chart

Below is the final chart outcome

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