October 25, 2012
- in Uncategorized by schooloftrade
Crude Oil Morning Prep:
Crude Oil tumbled
all the way to the lows of the bear price-channel and bounced off the confluence
(multiple) price-structure support levels.
We have the price-channel and the double-top support both around 85.00. We can also see a long term 89-range wave-pattern-short
setting up at this time, with a failure price above 86.75 (trigger-line).
With thatinformation, we are looking bearish to begin with, down to the 85.00 area, and
if we break above the 86.80 this wave-pattern-short will have failed and we
will buy pullbacks above it.
We are
inside the range from Wednesday, which means we have a range-bound market and
that means we’re going to buy-the-lows at support and sell-the-high at resistance.
inside the range from Wednesday, which means we have a range-bound market and
that means we’re going to buy-the-lows at support and sell-the-high at resistance.
We can see a
bullish AB=CD Pattern with major support at 84.00 where we will look for buying
opportunities.
bullish AB=CD Pattern with major support at 84.00 where we will look for buying
opportunities.
Bear price-channeltells me to sell-the-high at resistance for the high-percentage-trades. Right now we are at the lows of the price-channel,
so this is not the high-percentage-trade area as it would be at the highs.
We can see
the sideways-trading-range from the PHOD down to the PLOD, and we want to buy-the-lows
at support and sell-the-high at resistance.
the sideways-trading-range from the PHOD down to the PLOD, and we want to buy-the-lows
at support and sell-the-high at resistance.
We are
looking for the price-reversal at the PHOD and the PLOD. We also will likely see the buyers reverse at
this 89range trigger-line at 86.75 area, so we may see the price-reversal very
soon. This market personality is range-bound
market so we’re expecting the price-reversal at the highs and the lows.
looking for the price-reversal at the PHOD and the PLOD. We also will likely see the buyers reverse at
this 89range trigger-line at 86.75 area, so we may see the price-reversal very
soon. This market personality is range-bound
market so we’re expecting the price-reversal at the highs and the lows.
Our day
trading strategy for Crude Oil is to sell short with this 89range wave-pattern-short
and take profit-target at the PLOD at 84.94.
trading strategy for Crude Oil is to sell short with this 89range wave-pattern-short
and take profit-target at the PLOD at 84.94.
If price is
to fail to go lower, we look to buy above the trigger-line at 86.75 and then we
will look for buying opportunities.
to fail to go lower, we look to buy above the trigger-line at 86.75 and then we
will look for buying opportunities.
If price
trades sideways, it will be in the middle of this range from Wednesday and with
that we want to sit-on-hands.
trades sideways, it will be in the middle of this range from Wednesday and with
that we want to sit-on-hands.
