October 26, 2012
- in Uncategorized by schooloftrade
Crude Oil Futures morning prep:
The 30-minute
chart on Crude Oil this morning shows us consolidation ahead of the GDP news
(no surprise there) and then a very bullish reaction to the news.
If this
candlestick closes at the highs, we will then assume this market personality is
bullish, and a test of the PHOD is most likely.
candlestick closes at the highs, we will then assume this market personality is
bullish, and a test of the PHOD is most likely.
If this
candlestick does not close at the highs, if the buyers fail and we see a big
wick at the top, we become bearish and look for price-reversal at the highs of
the price-wedge.
candlestick does not close at the highs, if the buyers fail and we see a big
wick at the top, we become bearish and look for price-reversal at the highs of
the price-wedge.
We have an
inside trading day, above the PLOD and below the PHOD, which tells us this market
personality is a range-bound market. We sell-the-high
at resistance and buy-the-lows at support with a range-bound market.
inside trading day, above the PLOD and below the PHOD, which tells us this market
personality is a range-bound market. We sell-the-high
at resistance and buy-the-lows at support with a range-bound market.
Trigger-zone
resistance overhead starting at 88.10, and we have a minor, short term zone
right on top of us at 86.30.
resistance overhead starting at 88.10, and we have a minor, short term zone
right on top of us at 86.30.
AB=CD
Pattern is bullish, we will buy support at 84.00.
Pattern is bullish, we will buy support at 84.00.
We can see a
major bear price-channel on the 89range anchor chart, and we are at the low,
which means we expect price to try and move HIGHER off these lows.
major bear price-channel on the 89range anchor chart, and we are at the low,
which means we expect price to try and move HIGHER off these lows.
Trading
range most important to us today is from 87.47 down to 84.94.
range most important to us today is from 87.47 down to 84.94.
Double-bottom
at 84.94 provides us with resistance overhead starting at 86.95, and then
higher at 87.55 and the MAX resistance at 88.35. we will sell as price tests these levels, and
buy when price breaks these levels of resistance.
at 84.94 provides us with resistance overhead starting at 86.95, and then
higher at 87.55 and the MAX resistance at 88.35. we will sell as price tests these levels, and
buy when price breaks these levels of resistance.
If pricemoves higher, we look for the price-reversal at the trigger-zone resistance,
the double-bottom resistance, and the highs of the trading range at 87.47.
If price
moves lower we look for the price-reversal at the lows of the trading range
84.94, the PLOD and the lows of the price-channel just below it.
moves lower we look for the price-reversal at the lows of the trading range
84.94, the PLOD and the lows of the price-channel just below it.
Our day
trading strategy for this morning on Crude Oil is to be aware it’s a Friday, so
looking for the market personality to confirm it’s the best time to be trading.
trading strategy for this morning on Crude Oil is to be aware it’s a Friday, so
looking for the market personality to confirm it’s the best time to be trading.
We willtreat this range-bound market the correct way, buy-the-lows at support and sell-the-high
at resistance.
As price
rises im selling at these highs, and then with new higher-highs I can buy above
85.50 with a profit-target 86.75 at the PHOD.
We then look to sell the PHOD.
rises im selling at these highs, and then with new higher-highs I can buy above
85.50 with a profit-target 86.75 at the PHOD.
We then look to sell the PHOD.
As price
falls we sell the highs of the price-wedge using a 2step short pattern with the
profit-target at the lows of the price-wedge and the PLOD.
falls we sell the highs of the price-wedge using a 2step short pattern with the
profit-target at the lows of the price-wedge and the PLOD.
