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.
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.
Below is the final chart outcome