The crude oil market, Brent crude to be more specific, which is the UK based oil – has produced an Indecision/Inside Day combo price action setup. The combination of these price action patterns are a good catalyst for a breakout and have formed within a weak market trending downwards. What we will be looking for a breakouts of the lows, so we aligned with the overall downward pressure. If the lows of the Inside day or Indecision candle are broken, this will help confirm bearish momentum and allow traders to consider short positions.
It’s important to note that the Non farm payroll data is coming out during the New York session so best money management practices should be applied here. NFP could launch this trade into fast profits, or destroy it very quickly as Non Farm generally injects volatility that fires in one direction.