October 5, 2012
- in Uncategorized by schooloftrade
Morning Crude Oil Checklist:
Heat Map
Review:
Moving market
on Crude Oil at -0.4% this means we will be look for trading opportunities.
on Crude Oil at -0.4% this means we will be look for trading opportunities.
Overnight
Highs & Lows:
Highs & Lows:
We had a range-bound
market up until the NFP news was released and now it appears this is trying to
make new lower-lows.
market up until the NFP news was released and now it appears this is trying to
make new lower-lows.
Inside or
Outside Day?
Outside Day?
We are
inside the range from Thursday, which tells us the buyers and sellers have
agreed on value. ‘Mind of Markets’ (Dalton)
talks about Market Profile
inside the range from Thursday, which tells us the buyers and sellers have
agreed on value. ‘Mind of Markets’ (Dalton)
talks about Market Profile
Find the price-structures: · Trigger-zone is major support at
89.50 below us and we have resistance overhead at 94.25.
89.50 below us and we have resistance overhead at 94.25.
· AB=CD Pattern is bullish (major) and bullish
all the way down at 84.00
all the way down at 84.00
· Price-wedge is sideways, no real
trend, sell-the-high at resistance and buy-the-lows at support.
trend, sell-the-high at resistance and buy-the-lows at support.
· Price-channel is bearish coming down
off the highs.
off the highs.
· Zigzag pattern is not on this chart.
· Trading Range is easy to see 93.84
down to the lows of 87.70. buy-the-lows
at support and we sell-the-high at resistance
down to the lows of 87.70. buy-the-lows
at support and we sell-the-high at resistance
· Double-top is around 93.30 and that
provides support levels starting at 87.00 and 85.10 if price can drop to them.
provides support levels starting at 87.00 and 85.10 if price can drop to them.
Where
will a reversal be likely today?
will a reversal be likely today?
The price-reversal
is most likely at the price-channel highs and PHOD. If price can tumble to the price-wedge lows
we will then look for another price-reversal rising off the lows around 88.00
is most likely at the price-channel highs and PHOD. If price can tumble to the price-wedge lows
we will then look for another price-reversal rising off the lows around 88.00
What isour trading plan for today?
We are slightly bearish coming off the PHOD earlier in the
morning session in the US, however, the news from NFP was more than bullish so
we’re waiting to see the market personality react, and as of 930am EST we have
not seen the markets make their decision so we stay patience.
morning session in the US, however, the news from NFP was more than bullish so
we’re waiting to see the market personality react, and as of 930am EST we have
not seen the markets make their decision so we stay patience.
Below 90.49 we have a great opportunity to sell short down to
the trigger-zone support at .50 and then all the way to the PLOD and the price-wedge
lows. Also remember to look for the fake-out-breakout
below the .49 as this market personality is a little shaky right now and we may
not have the confidence from the sellers in the market.
the trigger-zone support at .50 and then all the way to the PLOD and the price-wedge
lows. Also remember to look for the fake-out-breakout
below the .49 as this market personality is a little shaky right now and we may
not have the confidence from the sellers in the market.
