October 9, 2012
- in Uncategorized by schooloftrade
Morning Crude Oil Checklist:
Heat Map
Review:
Crude Oil is
a moving market at a +0.8% volatility, this means we should be looking for
trading opportunities today.
a moving market at a +0.8% volatility, this means we should be looking for
trading opportunities today.
Overnight
Highs & Lows:
Highs & Lows:
Both the
buyers and the sellers have failed earlier this morning and this tells us we
have a range-bound market.
buyers and the sellers have failed earlier this morning and this tells us we
have a range-bound market.
Inside or
Outside Day?
Outside Day?
We JUST
broke new higher-highs and we’re struggling to see the price-action stay above
the PHOD. We are ‘transitional’ between an inside and an outside trading day.
broke new higher-highs and we’re struggling to see the price-action stay above
the PHOD. We are ‘transitional’ between an inside and an outside trading day.
Find the price-structures:
· Trigger-zone is resistance overhead
starting at 90.50 and then more at 94.25
starting at 90.50 and then more at 94.25
· AB=CD Pattern is major and bullish at
84.00
84.00
· Price-wedge is bearish and the high-percentage-trades
come when we sell the highs.
come when we sell the highs.
· Price-channel is bearish and the high-percentage-trades
are sell-the-high at resistance.
are sell-the-high at resistance.
· Zigzag pattern is NOT on this chart
today (89range)
today (89range)
· Trading Ranges, there are three of
them. Short term is from 91.84 down to 87.70
and we want to sell-the-high at resistance and buy-the-lows at support.
them. Short term is from 91.84 down to 87.70
and we want to sell-the-high at resistance and buy-the-lows at support.
· Double-top / Double-bottom not on
this chart today.
this chart today.
Where
will a reversal be likely today?
will a reversal be likely today?
We are
likely to see the price-reversal around the highs of the bearish price-channel. We also have the PHOD around these same price-channel
highs and we are looking for the buyers to try and then soon fail so we can
sell with the price-reversal.
likely to see the price-reversal around the highs of the bearish price-channel. We also have the PHOD around these same price-channel
highs and we are looking for the buyers to try and then soon fail so we can
sell with the price-reversal.
If price
keeps on moving higher we will look for another price-reversal at the highs of
the trading range around 91.84 area.
keeps on moving higher we will look for another price-reversal at the highs of
the trading range around 91.84 area.
What isour trading plan for today?
Our day trading strategy for Crude Oil is to stay patient
without much news on the calendar this morning and coming back from a holiday
weekend.
without much news on the calendar this morning and coming back from a holiday
weekend.
We will look to sell the highs of the bearish price-channel and
the highs of the previous day’s range around 90.50 area. If price keeps moving higher we will need to
see market personality screaming at us that we need to change our strategy and
then look for buying opportunities above 90.50.
the highs of the previous day’s range around 90.50 area. If price keeps moving higher we will need to
see market personality screaming at us that we need to change our strategy and
then look for buying opportunities above 90.50.
