October 2, 2012
- in Uncategorized by schooloftrade
Morning Crude Oil Checklist:
Heat Map
Review:
The Crude
Oil price-action this morning is moving higher at +0.3%
Oil price-action this morning is moving higher at +0.3%
Overnight
Highs & Lows:
Highs & Lows:
Overnight highs
and lows were both tested and both held, telling us this is a range-bound
market which means we will use that as our biggest clue. We know to buy-the-lows at support and sell-the-high
at resistance for the high-percentage-trades inside a range.
and lows were both tested and both held, telling us this is a range-bound
market which means we will use that as our biggest clue. We know to buy-the-lows at support and sell-the-high
at resistance for the high-percentage-trades inside a range.
Inside or
Outside Day?
Outside Day?
We are
inside the range from Monday.
inside the range from Monday.
Find the price-structures: · Trigger-zone is major resistance above,
and medium-support below.
and medium-support below.
· AB=CD Pattern are both bullish
(major) and bearish (medium), there are no minor AB=CD Pattern
(major) and bearish (medium), there are no minor AB=CD Pattern
· Price-wedge is sideways, no trend to
it.
it.
· Price-channel is bullish and
medium-term
medium-term
· Zigzag pattern was there last week,
but has since been broken with new lower-lows.
but has since been broken with new lower-lows.
· Trading Range from 93.84 down to
90.82, and we want to sell-the-high at resistance and buy-the-lows at support.
90.82, and we want to sell-the-high at resistance and buy-the-lows at support.
· Double-top / Double-bottom (no)
Wherewill a reversal be likely today?
The PHOD and
the resistance of 93.33 and 93.84 are the perfect spots for a price-reversal. If price rises we will look for the buyer’s
to fail at these resistance levels and we will sell it short.
the resistance of 93.33 and 93.84 are the perfect spots for a price-reversal. If price rises we will look for the buyer’s
to fail at these resistance levels and we will sell it short.
If price falls
off the highs we look for a price-reversal at the exact opposite, the PLOD and
the support at 91.26 and 90.82.
off the highs we look for a price-reversal at the exact opposite, the PLOD and
the support at 91.26 and 90.82.
We are
inside a price-wedge, which tells us that fake-out-breakouts and price-reversals
are going to be common, and we need to look for those at the correct locations.
inside a price-wedge, which tells us that fake-out-breakouts and price-reversals
are going to be common, and we need to look for those at the correct locations.
What isour trading plan for today?
Our day trading strategy for Crude Oil futures is to stay
patient knowing there is no major news on the calendar this morning. With the said when market personality gives
us the green light to trade we will look to trade INSIDE the current range with
the big clues from the OHLC and the 89range chart price-wedge. As price rises im sell-the-high at resistance
and as price falls im buy-the-lows at support.
patient knowing there is no major news on the calendar this morning. With the said when market personality gives
us the green light to trade we will look to trade INSIDE the current range with
the big clues from the OHLC and the 89range chart price-wedge. As price rises im sell-the-high at resistance
and as price falls im buy-the-lows at support.
