October 1, 2012
- in Uncategorized by schooloftrade
Morning Crude Oil Checklist:
Heat Map
Review:
Review:
The heat map
says that Crude Oil is NOT a moving market at -0.2%. we want to see great than or equal to 0.3% to
consider this a volatile, and high-percentage-market.
says that Crude Oil is NOT a moving market at -0.2%. we want to see great than or equal to 0.3% to
consider this a volatile, and high-percentage-market.
Overnight
Highs & Lows:
Highs & Lows:
We createdovernight lows and never went back, making new higher-lows along the way for
our first bullish clue. The second
bullish clue is the big green candle that breaks the overnight highs, and we’re
looking to see if this candle can close above the previous open. If we see a higher close the PHOD will almost
undoubtedly be tested this morning. If we
cannot stay above the previous open look for this to fail and we will sell the
highs treating this market personality as a range-bound market.
Inside or
Outside Day?
Outside Day?
Inside the
range from Friday below the PHOD but trying to test it.
range from Friday below the PHOD but trying to test it.
Find the price-structures: · Trigger-zone is support below me and resistance
above me.
above me.
· AB=CD Pattern is major and its
bearish
bearish
· Price-wedge we have two of them; 1 is
major and we’re in the middle. The minor
price-wedge was broken with new higher-highs overnight, and now we’re looking for
the buyers to fail so we can sell these highs.
major and we’re in the middle. The minor
price-wedge was broken with new higher-highs overnight, and now we’re looking for
the buyers to fail so we can sell these highs.
· Price-channel is bullish and major.
· Zigzag not on this chart.
· Sideways / Trading Ranges not on this chart
· Double-top / Double-bottom (not on this chart)
Where
will a reversal be likely today?
will a reversal be likely today?
A price-reversal
is most likely this morning at the resistance above the PHOD starting at 93.20 and
all the way up to the 93.84. If price
falls lower today a price-reversal is likely at the support below the PLOD at
91.26 and 91.82.
is most likely this morning at the resistance above the PHOD starting at 93.20 and
all the way up to the 93.84. If price
falls lower today a price-reversal is likely at the support below the PLOD at
91.26 and 91.82.
What is
our trading plan for today?
our trading plan for today?
My day trading strategy for Crude Oil is to try and sell at resistance
as price rises, and then with strong buyers turning that resistance into support
I will then consider buying pullbacks using my wave long pattern. We’re suspicious on higher-highs on Crude Oil
because of the market personality being a fake-out-breakout.
as price rises, and then with strong buyers turning that resistance into support
I will then consider buying pullbacks using my wave long pattern. We’re suspicious on higher-highs on Crude Oil
because of the market personality being a fake-out-breakout.
If the buyers aren’t strong enough we should
see the opportunity to sell these new higher-highs and take price back at the PHOD
and possibly the PLOD. If the buyers
keep on pushing higher I will have to walk away from this day trading strategy and
start buying with everyone else.
see the opportunity to sell these new higher-highs and take price back at the PHOD
and possibly the PLOD. If the buyers
keep on pushing higher I will have to walk away from this day trading strategy and
start buying with everyone else.
