October 12, 2012
- in Uncategorized by schooloftrade
Morning Crude Oil Checklist:
Heat Map
Review:
Crude Oil is
not considered a moving market personality at 0.1%
not considered a moving market personality at 0.1%
Overnight
Highs & Lows:
Highs & Lows:
We have a range-bound
market on Crude Oil with both the buyers and sellers failing to keep price
above or below the overnight highs and lows.
market on Crude Oil with both the buyers and sellers failing to keep price
above or below the overnight highs and lows.
Inside or
Outside Day?
Outside Day?
Inside day,
below the PHOD and above the PLOD, which confirms our range-bound market.
below the PHOD and above the PLOD, which confirms our range-bound market.
Find the price-structures: · Trigger-zone is support below us at
91.45 and there is major resistance at 94.25 above us
91.45 and there is major resistance at 94.25 above us
· AB=CD Pattern is bearish and resistance
starts at 95.00
starts at 95.00
· Price-wedge is sideways, flat trigger
line, and outside of the bear price-channel.
line, and outside of the bear price-channel.
· Price-channel is bearish and almost
ready to be considered ‘broken’
ready to be considered ‘broken’
· Zigzag pattern is NOT on this chart
· Sideways Trading Ranges with a flat
trigger line and big candlesticks up and down.
trigger line and big candlesticks up and down.
· Double-top is in place at 94.00 area
and this provides us with major support at 87.00. Keep in mind if we break above 94.00 this double-top
is now disqualified.
and this provides us with major support at 87.00. Keep in mind if we break above 94.00 this double-top
is now disqualified.
Where
will a reversal be likely today?
will a reversal be likely today?
We expect a price-reversal
at the highs and lows of both the trading ranges and the price-wedge. Look for the sellers to push price below the PLOD
only to fail and we get the price-reversal.
Look for the buyers to push above the PHOD and if they fail we will get
the price-reversal below the PHOD.
at the highs and lows of both the trading ranges and the price-wedge. Look for the sellers to push price below the PLOD
only to fail and we get the price-reversal.
Look for the buyers to push above the PHOD and if they fail we will get
the price-reversal below the PHOD.
What isour trading plan for today?
Keeping in mind it’s a Friday, we have our eyes on the time
today, not trading too late into the morning session. We know that Crude Oil is considered range-bound
market so we want to sell-the-high at resistance and buy-the-lows at support within
the trading range and the price-wedge. We
will pay close attention to the PHOD and the PLOD keeping in mind the first
time price tests these levels we are always looking for trading opportunities.
today, not trading too late into the morning session. We know that Crude Oil is considered range-bound
market so we want to sell-the-high at resistance and buy-the-lows at support within
the trading range and the price-wedge. We
will pay close attention to the PHOD and the PLOD keeping in mind the first
time price tests these levels we are always looking for trading opportunities.
