September 5, 2012
- in Uncategorized by schooloftrade
Morning Crude Oil Checklist:
Heat Map
Review:
Review:
The heat map
says there is no volatility on the Crude Oil futures market at this time. This will change, so keep checking back for
the market personality we need today.
says there is no volatility on the Crude Oil futures market at this time. This will change, so keep checking back for
the market personality we need today.
Overnight
Highs & Lows:
Highs & Lows:
We failed
below the PLOD and the buyers have pushed price higher considering we are at
the lows of the trading range on the 30-minute chart.
below the PLOD and the buyers have pushed price higher considering we are at
the lows of the trading range on the 30-minute chart.
Inside or
Outside Day?
Outside Day?
We are
inside the range from Tuesday, trading at the PLOD. We are bullish b/c we’ve seen the sellers
fail below the PLOD.
inside the range from Tuesday, trading at the PLOD. We are bullish b/c we’ve seen the sellers
fail below the PLOD.
Find the price-structures:
· Trigger-zone is short term resistance
and long term support.
and long term support.
· AB=CD Pattern is bearish overhead,
with the price-reversal zone around 100.00 big-round-number.
with the price-reversal zone around 100.00 big-round-number.
· Price-wedge is bullish, at the lows
of the bull price-channel.
of the bull price-channel.
· Sideways Trading Ranges
Where
will a reversal be likely today?
will a reversal be likely today?
We have
three locations for the potential price-reversal this morning. First, if price rises we may see the reversal
at the trigger-zone resistance overhead.
Second, if price falls lower we will bounce off the price-wedge lows,
and third, if we make it all the way up to the highs of the price-wedge we will
see a price-reversal to sell short at the highs.
three locations for the potential price-reversal this morning. First, if price rises we may see the reversal
at the trigger-zone resistance overhead.
Second, if price falls lower we will bounce off the price-wedge lows,
and third, if we make it all the way up to the highs of the price-wedge we will
see a price-reversal to sell short at the highs.
What is
our trading plan for today?
our trading plan for today?
Our plan is to buy using the wave-pattern-long with new higher-highs
above 95.70 after seeing the market personality confirm bullish and seeing as
we’re at the lows of the multi-day trading range (30-minute chart). We will
take profit-targets at 96.00, 96.30, 96.77, and the PHOD on the way higher.
above 95.70 after seeing the market personality confirm bullish and seeing as
we’re at the lows of the multi-day trading range (30-minute chart). We will
take profit-targets at 96.00, 96.30, 96.77, and the PHOD on the way higher.
