November 9, 2012
- in Uncategorized by schooloftrade
Crude Oil Anchor Chart Prep:
 |
| Crude Oil Prep |
We can see
the bear price-channel, the narrowing bearish price-wedge and most importantly
we can see the very narrow range-bound market that has developed from the PHOD to
the PLOD. This range-bound market is a
big clue for market personality trading Crude Oil this morning.
the bear price-channel, the narrowing bearish price-wedge and most importantly
we can see the very narrow range-bound market that has developed from the PHOD to
the PLOD. This range-bound market is a
big clue for market personality trading Crude Oil this morning.
We found the
bullish AB=CD Pattern which provides support at 80.00 and resistance at 89.30
along with the double-top support at 82.70.
bullish AB=CD Pattern which provides support at 80.00 and resistance at 89.30
along with the double-top support at 82.70.
Our day
trading strategy for Crude Oil this morning is to trade the range within the PHOD
and PLOD because we can see that its been trading sideways. We have an inside day so we’re planning on
selling the highs and buying the lows of this range.
trading strategy for Crude Oil this morning is to trade the range within the PHOD
and PLOD because we can see that its been trading sideways. We have an inside day so we’re planning on
selling the highs and buying the lows of this range.
If price
falls further we will buy at support down to 84.05 and then we will sell short
below 84.05 with strong sellers on the tape.
Take profit on the short at the support below us at 83.45 and
82.70. Just beware the fake-out-breakout
below the PLOD is always a good spot to caught trying to get short.
falls further we will buy at support down to 84.05 and then we will sell short
below 84.05 with strong sellers on the tape.
Take profit on the short at the support below us at 83.45 and
82.70. Just beware the fake-out-breakout
below the PLOD is always a good spot to caught trying to get short.
If price
rises off these lows, whether it bounces off support or it gives us the fake-out-breakout
below the PLOD we want to buy the lows. As
price rises off these lows we are buying.
rises off these lows, whether it bounces off support or it gives us the fake-out-breakout
below the PLOD we want to buy the lows. As
price rises off these lows we are buying.
Price may
trade sideways right on top of the PLOD and if we notice this market
personality is too sluggish we cannot try and force trades, so sit-on-hands if
the price-action slops around the PLOD.
trade sideways right on top of the PLOD and if we notice this market
personality is too sluggish we cannot try and force trades, so sit-on-hands if
the price-action slops around the PLOD.
