November 13, 2012
- in Uncategorized by schooloftrade
Crude Oil Afternoon Session Up-Date:
We can see
the price-action has been very mild today on our favorite futures markets,
including Crude Oil.
Our daytrading strategy for the remainder of the afternoon trading Crude Oil is to
anticipate if price rises, falls, or trades sideways.
If price
rises I’m heading into the highs of the bear price-channel, the trigger-zone resistance
at 85.66 and the double-bottom resistance at 86.00. This tells us that as we see price rise
higher we will be looking to sell as early as 85.66. If price keeps moving higher through this resistance
we will then keep our eyes open for the price-reversal at the 86.00, the trend
line at 86.10 and the 86.43 double-bottom resistance just before we get to the PHOD.
rises I’m heading into the highs of the bear price-channel, the trigger-zone resistance
at 85.66 and the double-bottom resistance at 86.00. This tells us that as we see price rise
higher we will be looking to sell as early as 85.66. If price keeps moving higher through this resistance
we will then keep our eyes open for the price-reversal at the 86.00, the trend
line at 86.10 and the 86.43 double-bottom resistance just before we get to the PHOD.
If pricemoves lower we will be concerned about the sloppy PLOD as we have already seen
before in the morning session. If price
can test the lows of the price-wedge then we can buy these lows as support. I will buy the support as far down as 84.57
and then with new lower-lows we will look for a fake-out-breakout. Assuming the sellers are too strong, we then
know to sell short with wave-pattern-short below 84.57 with a profit-target at
the next major support below us which is also at the lows of the bear price-channel.
What if this
price-action continues to trade sideways?
We need to sit-on-hands and wait patiently for the test of the highs or
the lows so we can buy or sell at the ‘extremes’. We want to avoid the middle of ANY range,
especially when we are inside a price-wedge and the range from the previous
day.
price-action continues to trade sideways?
We need to sit-on-hands and wait patiently for the test of the highs or
the lows so we can buy or sell at the ‘extremes’. We want to avoid the middle of ANY range,
especially when we are inside a price-wedge and the range from the previous
day.
