August 6, 2012
- in Uncategorized by schooloftrade
Morning Crude Oil Checklist:
Heat
Map: What is it telling us?
Map: What is it telling us?
Heat map
says bearish -0.4%
says bearish -0.4%
OHLC
Analysis:
Analysis:
3 for 4
tells us we should be bullish today, which is the opposite of the heat map, so
we will wait and see more clues.
tells us we should be bullish today, which is the opposite of the heat map, so
we will wait and see more clues.
Overnight
Highs & Lows:
Highs & Lows:
We have not
broken the highs or the lows of the overnight session or from Friday.
broken the highs or the lows of the overnight session or from Friday.
Are we
inside or outside day today?
inside or outside day today?
We are
trading inside day today below the PHOD and above PLOD.
trading inside day today below the PHOD and above PLOD.
What
price-structures do we see?
price-structures do we see?
· Trigger-zone is support below us
· AB=CD Pattern is bearish and covers
the entire chart. We can’t use this NOW,
but we will look to sell at the ‘D’ price-reversal point.
the entire chart. We can’t use this NOW,
but we will look to sell at the ‘D’ price-reversal point.
· Price wedge is sideways, not bearish
since we have broken the bear price channel.
since we have broken the bear price channel.
· Price channel is bearish and we
recently broke the highs of the price channel.
This tells me the buyers may fail and we can sell this fake-out breakout
or the sellers may be too weak and the buyers may push new higher-highs and we
can buy with wave-pattern-long.
recently broke the highs of the price channel.
This tells me the buyers may fail and we can sell this fake-out breakout
or the sellers may be too weak and the buyers may push new higher-highs and we
can buy with wave-pattern-long.
· Zigzag is not showing up on this
chart.
chart.
· Double-bottom was located last
Wednesday and we can sell short at this double-bottom resistance starting as
early as 91.40.
Wednesday and we can sell short at this double-bottom resistance starting as
early as 91.40.
Where
will a reversal be likely today?
will a reversal be likely today?
Price wedge
highs and the PHOD are both at the double-bottom resistance level
overhead. This is the best spot to look
for the price-reversal.
highs and the PHOD are both at the double-bottom resistance level
overhead. This is the best spot to look
for the price-reversal.
What is
our trading plan for today?
our trading plan for today?
Our plan is
to sell short off the highs with the resistance overhead from the double-bottom
and price wedge. If price moves higher
on strong buyers, we will buy using a wave-pattern-long after looking for the
fake-out breakout first, and then entering long above the resistance of 91.75
which is the previous swing-high.
to sell short off the highs with the resistance overhead from the double-bottom
and price wedge. If price moves higher
on strong buyers, we will buy using a wave-pattern-long after looking for the
fake-out breakout first, and then entering long above the resistance of 91.75
which is the previous swing-high.
