FX.co ★ Trading idea for WTI

Hello dear traders!

Let me suggest a trading idea for West Texas Intermediate.

To begin with, yesterday on the daily timeframe chart I spotted a pin bar, which I call an intruder, within the overall bullish trend.

Basically, this is the ABC structure according to the chart with a 1-hour timeframe.

Now the market has pulled back 50% from yesterday's price gain, thus giving traders an opportunity to enter the market amid a retracement following the overall bullish trend. The take profit level is set at $42.5 which coincides with 161.8% Fibonacci correction.

This trading idea will be valid until the breakout of the price level of $40.5 which is the foundation of the momentum candle.

The trading idea is developed on the grounds of the two methods: Price Action and Chasing stop orders.

The profitability of a deal is 2:1.

Good luck in trading! Make sure you manage your risks!