August 9, 2012
- in Uncategorized by schooloftrade
Morning Crude Oil Checklist:
 |
| CRUDE OIL FUTURES |
Heat
Map: What is it telling us?
Map: What is it telling us?
Heat map
says Crude Oil is bullish today, lets use the wave-pattern-long to enter along
with it.
says Crude Oil is bullish today, lets use the wave-pattern-long to enter along
with it.
OHLC
Analysis:
Analysis:
4 for 4 higher-highs,
this tells us we should be bullish today if this trend continues
this tells us we should be bullish today if this trend continues
Overnight
Highs & Lows:
Highs & Lows:
We are
trading above the early morning highs, but we notice there is no CLOSE above
the swing-high. We saw the same thing on
Wednesday which led us to sell short at the highs for over 150 ticks of
profit. If we can’t get a new higher-highs
to close above 93.91. this tells us the
buyers have tried and so-far have failed.
If we see this price drop off the highs, pending anything news-related,
this price will fall to re-test the LOD at 93.10 and then if we can get new lower-lows
we will easily see the test of the PLOD 92.82.
trading above the early morning highs, but we notice there is no CLOSE above
the swing-high. We saw the same thing on
Wednesday which led us to sell short at the highs for over 150 ticks of
profit. If we can’t get a new higher-highs
to close above 93.91. this tells us the
buyers have tried and so-far have failed.
If we see this price drop off the highs, pending anything news-related,
this price will fall to re-test the LOD at 93.10 and then if we can get new lower-lows
we will easily see the test of the PLOD 92.82.
Are we
inside or outside day today?
inside or outside day today?
We are
inside the range from Thursday. This tells
me to sell the highs and buy the lows, trading INSIDE the range we’re in.
inside the range from Thursday. This tells
me to sell the highs and buy the lows, trading INSIDE the range we’re in.
What
price-structures do we see?
price-structures do we see?
· AB=CD Pattern is bearish on the
89range
89range
· Price wedge is bullish and the most important
thing to be aware of is the previous price wedge below us.
thing to be aware of is the previous price wedge below us.
· Price channel we have two and they
are bullish so buying at support is always the high-percentage trades.
are bullish so buying at support is always the high-percentage trades.
· Sideways Trading Range is from 94.72
down to 92.82
down to 92.82
· Double-bottom is already there from a
few weeks ago, and we think there is a new short term double-bottom which we
will look for on a faster chart timeframe.
few weeks ago, and we think there is a new short term double-bottom which we
will look for on a faster chart timeframe.
Where
will a reversal be likely today?
will a reversal be likely today?
We will
likely see the price-reversal at the highs of this range around 94.72, and at
the lows of this range around 92.82
likely see the price-reversal at the highs of this range around 94.72, and at
the lows of this range around 92.82
What is
our trading plan for today?
our trading plan for today?
We got a big
BEARISH clue from the OHLC analysis, and just like wendesday we need to follow
this clue. We saw buyers fail at the
highs, and the sellers earlier this morning ALMOST tested the lows…perhaps they
will try it again?
BEARISH clue from the OHLC analysis, and just like wendesday we need to follow
this clue. We saw buyers fail at the
highs, and the sellers earlier this morning ALMOST tested the lows…perhaps they
will try it again?
Our plan is
to sell with wave-pattern-short and take profit at the PLOD, which is also the
lows of the short-term trading range.
to sell with wave-pattern-short and take profit at the PLOD, which is also the
lows of the short-term trading range.
If price holds at the PLOD 92.82 we can buy
these lows, however, if the sellers push new lower-lows we will then be inside
the price wedge below us, below the sideways range, and below the PLOD so we
are outside day. All of these clues tell
us to use the wave-pattern-short to sell below the PLOD and try to hold that
runner for a final profit target at 90.63 or even better down around the price
wedge lows.
