October 11, 2012
- in Uncategorized by schooloftrade
Morning Crude Oil Checklist:
Heat Map
Review:
Crude Oil is
a moving market personality so we know to keep an eye out for trading
opportunities today.
a moving market personality so we know to keep an eye out for trading
opportunities today.
Overnight
Highs & Lows:
Highs & Lows:
The sellers
failed to make new overnight lows, the buyers easily took control and made new higher-highs. We are now seeing a doji candlestick which
alerts us to a possible price-reversal.
failed to make new overnight lows, the buyers easily took control and made new higher-highs. We are now seeing a doji candlestick which
alerts us to a possible price-reversal.
Inside or
Outside Day?
Outside Day?
We are
inside the range from Wednesday, and in the middle of this range.
inside the range from Wednesday, and in the middle of this range.
Find the price-structures: · Trigger-zone is support below at
90.70 and resistance above at 94.25.
90.70 and resistance above at 94.25.
· AB=CD Pattern is bearish and overhead
resistance around 95.30, top of the trigger-zone resistance.
resistance around 95.30, top of the trigger-zone resistance.
· Price-wedge is sideways, flat trigger
lines.
lines.
· Price-channel is bearish in the long
term
term
· Zigzag pattern is not on this chart.
· Trading Range from 93.84 down to
87.69 with some short term ranges within this range.
87.69 with some short term ranges within this range.
· Double-top support starts at 87.00
Where
will a reversal be likely today?
will a reversal be likely today?
Price-reversal
will be most likely at the price-wedge highs and lows, and the PHOD and PLOD.
will be most likely at the price-wedge highs and lows, and the PHOD and PLOD.
What is
our trading plan for today?
our trading plan for today?
Our plan is to stay patient and wait for market personality. We have Crude Oil inventories at 11am EST this
morning so we’re sit-on-hands after 1045am waiting for this news to be released
and we can trade the reaction.
morning so we’re sit-on-hands after 1045am waiting for this news to be released
and we can trade the reaction.
As price rises im buying pullbacks with wave-pattern-long and
when we get to the highs of the price-wedge our high-percentage-trades are to
sell these highs.
when we get to the highs of the price-wedge our high-percentage-trades are to
sell these highs.
If price wants to push higher above the PHOD we will then
consider buying. Look for the fake-out-breakout
first above the PHOD and then use a wave-pattern-long to buy. Keep an eye on the final target for the
buy-side up around the AB=CD Pattern reversal zone at 95.30.
consider buying. Look for the fake-out-breakout
first above the PHOD and then use a wave-pattern-long to buy. Keep an eye on the final target for the
buy-side up around the AB=CD Pattern reversal zone at 95.30.
If price decides to fall, we will easily get short if we
failed above the PHOD, and we will look to sell new lower-lows with retracements. The 2step pattern will give us the price-reversal
entry at the highs, and as we drop towards the lows we are using the wave-pattern-short.
failed above the PHOD, and we will look to sell new lower-lows with retracements. The 2step pattern will give us the price-reversal
entry at the highs, and as we drop towards the lows we are using the wave-pattern-short.
