October 16, 2012
- in Uncategorized by schooloftrade
Morning Crude Oil Checklist:
Heat Map
Review:
Crude Oil is
moving at +0.3% today so we are looking for trading opportunities
moving at +0.3% today so we are looking for trading opportunities
Overnight
Highs & Lows:
Highs & Lows:
We can see a
range-bound market on the 30-minute chart with overnight highs and lows
containing the price-action.
range-bound market on the 30-minute chart with overnight highs and lows
containing the price-action.
Inside or
Outside Day?
Outside Day?
We are
inside day, however, this is a very important clue that we recently broke above
the PHOD and then failed back below. This
tells us the buyers went looking for higher prices for value and the market
rejected it. This means we will look to
sell at the PHOD.
inside day, however, this is a very important clue that we recently broke above
the PHOD and then failed back below. This
tells us the buyers went looking for higher prices for value and the market
rejected it. This means we will look to
sell at the PHOD.
Find the price-structures:
· Trigger-zone is support below us at
90.70
90.70
· AB=CD Pattern is bearish above us at
95.30
95.30
· Price-wedge is sideways, flat trigger
line, no trend.
line, no trend.
· Price-channel is bullish in the short
term and bearish in the long term.
term and bearish in the long term.
· Zigzag requires a bullish AB=CD
Pattern and we do not have one on the 89range.
Pattern and we do not have one on the 89range.
· Trading Ranges include the PHOD down
to the PLOD, and the 92.64 down to the 89.29
to the PLOD, and the 92.64 down to the 89.29
· Double-top / Double-bottom
Where
will a price-reversal be likely today?
will a price-reversal be likely today?
The highs
and lows of the price-wedge are the most likely areas for a price-reversal. The PHOD and the PLOD are also ‘electric’
levels where we are always looking for the price-reversal. Look for buying opportunities at the lows, and
selling opportunities at the highs of the range.
and lows of the price-wedge are the most likely areas for a price-reversal. The PHOD and the PLOD are also ‘electric’
levels where we are always looking for the price-reversal. Look for buying opportunities at the lows, and
selling opportunities at the highs of the range.
What is
our trading plan for today?
our trading plan for today?
Our plan today is to locate the price-structure first, then
using the specific rules associated with this price-structure we wait patiently
for an entry pattern. Assuming the pattern
shows us, we then look for market personality clues to tell us when to enter
and exit the trade.
using the specific rules associated with this price-structure we wait patiently
for an entry pattern. Assuming the pattern
shows us, we then look for market personality clues to tell us when to enter
and exit the trade.
We want to sell-the-high of the price-wedge and trading range
at resistance and buy-the-lows at support.
Using the price-wedge we have plenty of opportunity, we need to wait for
it.
at resistance and buy-the-lows at support.
Using the price-wedge we have plenty of opportunity, we need to wait for
it.
