August 10, 2012
- in Uncategorized by schooloftrade
Morning Crude Oil Checklist:
 |
| CRUDE OIL TRADING STRATEGY |
Heat
Map: What is it telling us?
Map: What is it telling us?
Heat map
says -0.5% so we are assumed to be bearish.
Remember, the dollar index needs to keep moving higher if this market is
going to keep moving lower.
says -0.5% so we are assumed to be bearish.
Remember, the dollar index needs to keep moving higher if this market is
going to keep moving lower.
OHLC
Analysis:
Analysis:
2 out of 4
aint bad, but its not going to give me a directional clue or bias this morning.
aint bad, but its not going to give me a directional clue or bias this morning.
Overnight
Highs & Lows:
Highs & Lows:
We see new lower-lows
from yesterday’s LOD and we have broken the early-morning lows twice
already. We are concerned the dollar
index may tumble off its resistance and this may show us a price-reversal in Crude
Oil.
from yesterday’s LOD and we have broken the early-morning lows twice
already. We are concerned the dollar
index may tumble off its resistance and this may show us a price-reversal in Crude
Oil.
Are we
inside or outside day today?
inside or outside day today?
We are
trading well-below the PLOD this is outside day. Selling short with wave patterns in our day
trading strategy.
trading well-below the PLOD this is outside day. Selling short with wave patterns in our day
trading strategy.
What
price-structures do we see?
price-structures do we see?
· Trigger-zone is support below us
· AB=CD Pattern is bearish and it’s a
long term pattern so its not I’m play RIGHT now.
long term pattern so its not I’m play RIGHT now.
· Price wedge is bullish, and we have
recently tumbled off the highs.
recently tumbled off the highs.
· Price channel is bullish and we are
in the middle.
in the middle.
· Sideways Trading Range from 94.75
down to 93.07, and remember to buy the lows of the range if price moves higher.
down to 93.07, and remember to buy the lows of the range if price moves higher.
· Double-bottom is providing us with
overhead resistance.
overhead resistance.
Where
will a reversal be likely today?
will a reversal be likely today?
The most
likely price-reversal this morning will occur around the PHOD and the price
wedge highs. Look for the buyers to try
and push it above PHOD and if they fail we sell it short.
likely price-reversal this morning will occur around the PHOD and the price
wedge highs. Look for the buyers to try
and push it above PHOD and if they fail we sell it short.
What is
our trading plan for today?
our trading plan for today?
if price
makes new lower-lows we use the wave-pattern-short to sell Crude Oil and take profit
target at the 90.84 trigger-zone support and the lows of the price wedge around
89.00.
makes new lower-lows we use the wave-pattern-short to sell Crude Oil and take profit
target at the 90.84 trigger-zone support and the lows of the price wedge around
89.00.
if price
makes stops falling into this price wedge and gets up to the highs we will see
the highs first as resistance and then if price keeps going we buy with wave-pattern-long
above PLOD.
makes stops falling into this price wedge and gets up to the highs we will see
the highs first as resistance and then if price keeps going we buy with wave-pattern-long
above PLOD.
