August 17, 2012
- in Uncategorized by schooloftrade
Morning Crude Oil Checklist:
Heat
Map: What is it telling us?
Map: What is it telling us?
Crude Oil is
right on the edge
of our tolerance for the volatility.
We have it back and forth between 0.2 and 0.3%
right on the edge
of our tolerance for the volatility.
We have it back and forth between 0.2 and 0.3%
OHLC
Analysis:
Analysis:
4 for 4 higher-highs
so this assumed to be bullish right out the gate today.
so this assumed to be bullish right out the gate today.
Overnight
Highs & Lows:
Highs & Lows:
We failed to
make new lower-lows overnight and then we have a very clear breakout pattern
from the 30-minute candlesticks that ultimately tell me this market is bullish as
well. We have 95.35 as the line in sand where
the buyers and sellers are competing for control.
make new lower-lows overnight and then we have a very clear breakout pattern
from the 30-minute candlesticks that ultimately tell me this market is bullish as
well. We have 95.35 as the line in sand where
the buyers and sellers are competing for control.
Are we
inside or outside day today?
inside or outside day today?
We are inside the
range from Thursday, this is assumed now to be a
sideways/range-bound type of trading day.
range from Thursday, this is assumed now to be a
sideways/range-bound type of trading day.
What
price-structures do we see?
price-structures do we see?
· Trigger-zone is support below us, and there isno resistance above us.
· AB=CD Pattern is bearish and the price-reversal zone is at 96.40, major resistance.
· Price wedge is very bullish, which means we are not assuming the
fake-out breakout at the highs, we will definitely look for opportunities to buy
at the lows.
fake-out breakout at the highs, we will definitely look for opportunities to buy
at the lows.
· Price channel we have two of them,
both are bullish and the short term trend is still very strong.
both are bullish and the short term trend is still very strong.
Where
will a reversal be likely today?
will a reversal be likely today?
If price
keeps rising, the price-reversal will likely occur at the 96.40
and/or price channel highs. This is the AB=CD
Pattern reversal-zone so we assume this will be the spot to look for. In addition if price stops moving higher, we
will see a price-reversal if the buyers fail above the PHOD or get pushed back
below the trend line which makes up the bullish price wedge.
keeps rising, the price-reversal will likely occur at the 96.40
and/or price channel highs. This is the AB=CD
Pattern reversal-zone so we assume this will be the spot to look for. In addition if price stops moving higher, we
will see a price-reversal if the buyers fail above the PHOD or get pushed back
below the trend line which makes up the bullish price wedge.
What is
our trading plan for today?
our trading plan for today?
we know the OHLC analysis on Crude Oil future
says to be a buyer
today using the wave-pattern-long to buy Crude Oil up to the price
channel highs and the 96.40 AB=CD Pattern reversal-zone. Once we hit the 96.40 (it’s almost a sure
thing today) we will then look to sell those highs and take the price back down. If price fails to move above the PHOD we will sell the PHOD as
resistance and as buyer-failure and this is a big clue to sell the
highs and take profit target at 93.93, 93.75, and the 92.68 for a runner. Also remember the dollar index has a
potential price-reversal which will ultimately push Crude Oil back lower.
