October 17, 2012
- in Uncategorized by schooloftrade
Morning Crude Oil Checklist:
Heat Map
Review:
0.4% says
this market personality is moving, and we are looking for trading opportunities
this market personality is moving, and we are looking for trading opportunities
Overnight
Highs & Lows:
Highs & Lows:
Overnight lows
hold, and buyers fail at overnight highs, which is range-bound market so we will stay away from the middle, buy-the-lows
at support and sell-the-high at resistance.
hold, and buyers fail at overnight highs, which is range-bound market so we will stay away from the middle, buy-the-lows
at support and sell-the-high at resistance.
Inside or
Outside Day?
Outside Day?
We are
trading inside the range from Tuesday, confirming the range-bound market which we saw a first clue on the 30-minute chart.
trading inside the range from Tuesday, confirming the range-bound market which we saw a first clue on the 30-minute chart.
Find the price-structures: · Trigger-zone is support at 90.70 and resistance
at 94.25.
at 94.25.
· AB=CD Pattern is bearish at 95.30
· Price-wedge is bullish and we want to
buy-the-lows at support
buy-the-lows at support
· Price-channel is bullish which tells
us the high-percentage-trades are when we buy-the-lows at support.
us the high-percentage-trades are when we buy-the-lows at support.
· Zigzag Pattern is not on this 89-range
chart.
chart.
· Trading Range FROM 93.66 DOWN TO
89.79.
89.79.
· Double-top / Double-bottom not on
this 89-range chart.
this 89-range chart.
Wherewill a price-reversal be likely today?
We expect a price-reversal
at the highs and lows of the range, the price-wedge, and the PHOD/PLOD.
at the highs and lows of the range, the price-wedge, and the PHOD/PLOD.
What is
our trading plan for today?
our trading plan for today?
Our day trading strategy for wacky Wednesday says to be
careful, looking to take only the trades occur at the best locations so we have
benefit of the support or resistance on the charts.
careful, looking to take only the trades occur at the best locations so we have
benefit of the support or resistance on the charts.
We are experiencing lower volume ahead of contract rollover
so we’re concerned about market personality and speed.
so we’re concerned about market personality and speed.
We have a price-wedge we want to sell-the-high at resistance and
buy-the-lows at support. As we break
above the PHOD we have resistance at 92.94 so we cannot buy until we get above
92.94 and our profit-target will be up at 93.66.
buy-the-lows at support. As we break
above the PHOD we have resistance at 92.94 so we cannot buy until we get above
92.94 and our profit-target will be up at 93.66.
As price falls we are selling the highs of this price-wedge and
taking profit at the lows at the PLOD, and then selling short below the PLOD with
a final profit-target at the lows around 90.70.
taking profit at the lows at the PLOD, and then selling short below the PLOD with
a final profit-target at the lows around 90.70.
