January 31, 2013
- in Uncategorized by schooloftrade
Crude Oil Anchor Chart Prep
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| Crude Oil Anchor Chart Prep |
We can see Crude
Oil price-action trading towards the lows of the range from Wednesday. This tells us that we are going to sit-on-hands
until we test the PLOD at 97.31. Below
97.31 we then look for the Wave Set-Up short, or a seller-failure and we will
get long with the Inside Out Set-up.
Oil price-action trading towards the lows of the range from Wednesday. This tells us that we are going to sit-on-hands
until we test the PLOD at 97.31. Below
97.31 we then look for the Wave Set-Up short, or a seller-failure and we will
get long with the Inside Out Set-up.
We keep
following our cheat-sheet and we can see the bear price-channel, the symmetry support,
and the double-top support piling up on top of the 97.25 price level, which is
just below the PLOD 97.3 which means we cannot take a Wave Set-Up short until
we successfully break and hold below the 97.25.
This also tells us the high-percentage-trades are most likely to occur
with the Inside Out Set-up long when the sellers fail and price moves back above
the PLOD.
following our cheat-sheet and we can see the bear price-channel, the symmetry support,
and the double-top support piling up on top of the 97.25 price level, which is
just below the PLOD 97.3 which means we cannot take a Wave Set-Up short until
we successfully break and hold below the 97.25.
This also tells us the high-percentage-trades are most likely to occur
with the Inside Out Set-up long when the sellers fail and price moves back above
the PLOD.
Our day
trading plan for Crude Oil is to sell short with price below the 97.25 and to
buy long if the sellers fail to hold the lower-lows and price gets back up
above the 97.25 and the PLOD at 97.32.
trading plan for Crude Oil is to sell short with price below the 97.25 and to
buy long if the sellers fail to hold the lower-lows and price gets back up
above the 97.25 and the PLOD at 97.32.
If the sellers
are very strong and price moves lower to the support at 97.00 we will then look
for the price-reversal at 97.00 using the double-top support and buy long with
the Wave Set-Up.
are very strong and price moves lower to the support at 97.00 we will then look
for the price-reversal at 97.00 using the double-top support and buy long with
the Wave Set-Up.
