September 24, 2012
- in Uncategorized by schooloftrade
Morning Crude Oil Checklist:
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| CRUDE OIL 30-MINUTE TOLD US TO BUY |
Heat Map
Review:
The heat map
says we are bearish and this is a moving market personality.
says we are bearish and this is a moving market personality.
Overnight
Highs & Lows:
Highs & Lows:
We never
created overnight highs; this market personality has been bearish since
midnight EST. We created new lows at
91.34 and have since tried and failed to break lower-lows ever since. The most recent failure candlestick tells us
that these buyers are NOT very strong at this point in the morning session, and
we can assume the sellers will try and re-test the lows and try to push it
further.
created overnight highs; this market personality has been bearish since
midnight EST. We created new lows at
91.34 and have since tried and failed to break lower-lows ever since. The most recent failure candlestick tells us
that these buyers are NOT very strong at this point in the morning session, and
we can assume the sellers will try and re-test the lows and try to push it
further.
Inside or
Outside Day?
Outside Day?
We are
trading below (bearish) the PLOD on our 89range chart and this tells us that
sellers found value at lower prices, so we will assume this market personality is
bearish until we go back up above the PLOD.
The PLOD is an electric level if we can get back up and test it again it
will be very bullish if we can get above the PLOD.
trading below (bearish) the PLOD on our 89range chart and this tells us that
sellers found value at lower prices, so we will assume this market personality is
bearish until we go back up above the PLOD.
The PLOD is an electric level if we can get back up and test it again it
will be very bullish if we can get above the PLOD.
Find the price-structures: · Trigger-zone is resistance above at
95.60 and support below at 89.55
95.60 and support below at 89.55
· AB=CD Pattern is bullish and its all
the way down at 65.00 so we have some time to wait before we can use this
pattern off the 89range.
the way down at 65.00 so we have some time to wait before we can use this
pattern off the 89range.
· Price-wedge is bullish and we are
trading at the lows of this price-wedge.
trading at the lows of this price-wedge.
· Price-channel is bullish and we are
currently trading at the support at the lows.
currently trading at the support at the lows.
· Zigzag pattern is a bullish AB=CD
Pattern inside a bullish price-channel.
Pattern inside a bullish price-channel.
· Double-top / Double-bottom (NO)
Where
will a reversal be likely today?
will a reversal be likely today?
At the price-channel
lows which is also the AB=CD Pattern price-reversal support and the zig-zag support. 90.96 is the lowest price we can expect to
see the price-reversal. Anything below
90.96 and we are selling off down to 89.55
lows which is also the AB=CD Pattern price-reversal support and the zig-zag support. 90.96 is the lowest price we can expect to
see the price-reversal. Anything below
90.96 and we are selling off down to 89.55
What is
our trading plan for today?
our trading plan for today?
My plan is to try and buy-the-lows at support of this price-channel. If I can get into the long position at these
lows, the PLOD and the 95.60 trigger-zone resistance will make excellent profit-target. With that said, if the sellers can take
control and move this price lower we will likely see a sloppy and very narrow
move lower to the 90.96 as the buyers in the market make it very challenging on
the sellers. I am going to buy the 90.96
as support first, however, if price goes below 90.96 it then turns into overhead
resistance and I have to look to sell short at resistance.
lows, the PLOD and the 95.60 trigger-zone resistance will make excellent profit-target. With that said, if the sellers can take
control and move this price lower we will likely see a sloppy and very narrow
move lower to the 90.96 as the buyers in the market make it very challenging on
the sellers. I am going to buy the 90.96
as support first, however, if price goes below 90.96 it then turns into overhead
resistance and I have to look to sell short at resistance.
