October 18, 2012
- in Uncategorized by schooloftrade
Morning Crude Oil Checklist:
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| Crude Oil Futures |
Heat Map
Review:
Review:
Crude Oil moving
lower this morning
lower this morning
Find the price-structures:
· Trigger-zone is support at 91.30 and
91.00
91.00
· AB=CD Pattern is bullish
· Wedge is major and very wide
· Price-channel is bearish tells us to
sell the highs
sell the highs
· Zigzag Pattern is not on the 21range
· Trading Ranges 92.85 PHOD down to
91.30
91.30
· Double-top / Double-bottom not on
this 21range
this 21range
Where
will a price-reversal be likely today?
will a price-reversal be likely today?
Price-reversal
are most likely seen around the highs and lows of a price-structure. We assume we get the price-reversal at the
highs of the bear price-channel, the PLOD, and the lows of the trading range at
91.30.
are most likely seen around the highs and lows of a price-structure. We assume we get the price-reversal at the
highs of the bear price-channel, the PLOD, and the lows of the trading range at
91.30.
What is
our trading plan for today?
our trading plan for today?
Our plan is trade carefully, knowing that we are trading
right in the middle of contract rollover to the 12-12 contract and inside OPEX
week.
right in the middle of contract rollover to the 12-12 contract and inside OPEX
week.
We also see the price-action sitting on top of the PLOD,
which at first is a good thing, but if it sits it’s a bad thing.
which at first is a good thing, but if it sits it’s a bad thing.
If price moves higher we will buy the lows of the range from
Wednesday above the PLOD.
Wednesday above the PLOD.
If price trades sideways we sit-on-hands trying to get new higher-highs
or lower-lows.
or lower-lows.
If price trades lower we will sell short below the PLOD taking
profit at the trigger-zone support and lows of the range at 91.30 and then
trying to buy-the-lows at 91.30 or, getting in short below this level if the
sellers are indeed in control.
profit at the trigger-zone support and lows of the range at 91.30 and then
trying to buy-the-lows at 91.30 or, getting in short below this level if the
sellers are indeed in control.
