August 3, 2012
- in Uncategorized by schooloftrade
Morning Natural-Gas Checklist
Heat
Map: What is it telling us?
Map: What is it telling us?
Natural-Gas
is bearish today on the heat map
is bearish today on the heat map
OHLC
Analysis:
Analysis:
We are
bearish, 4 for 4 are lower lows.
bearish, 4 for 4 are lower lows.
Overnight
Highs & Lows:
Highs & Lows:
We broke the
overnight lows, however, the buyers stepped in with interest at 2.850 and the
price failed to move lower. We now sit
on the lower-lows from Thursday.
overnight lows, however, the buyers stepped in with interest at 2.850 and the
price failed to move lower. We now sit
on the lower-lows from Thursday.
Are we
inside or outside day today?
inside or outside day today?
We are just
on top of the PLOD so we are inside day, and we call this a transitional
area. We broke below the PLOD and we
failed, now we appear to be going back lower.
on top of the PLOD so we are inside day, and we call this a transitional
area. We broke below the PLOD and we
failed, now we appear to be going back lower.
What
price-structures do we see?
price-structures do we see?
· Trigger-zone above and below, nothing
really close to us now, but may be later today
really close to us now, but may be later today
· AB=CD Pattern not on this chart
· Price wedge is there, but not the
strongest considering the short term trend line on the top.
strongest considering the short term trend line on the top.
· Price channel is bullish and very
wide. We have tried to break out with
new higher-highs and we failed.
wide. We have tried to break out with
new higher-highs and we failed.
· Zigzag not on this chart
· Sideways / Trading Ranges: none.
· Double-top / Double-bottom: none.
Where
will a reversal be likely today?
will a reversal be likely today?
The highs
and lows of the price wedge will easily be the best spots to trade today.
and lows of the price wedge will easily be the best spots to trade today.
What is
our trading plan for today?
our trading plan for today?
If price
drops I’m buying the price wedge lows, and price keeps going lower I will use wave-pattern-short
to sell it off down to the trigger-zone support below.
drops I’m buying the price wedge lows, and price keeps going lower I will use wave-pattern-short
to sell it off down to the trigger-zone support below.
If price
rises I will buy with wave-pattern-long considering the PLOD has held and the
sellers have failed. If price keeps
moving higher I need to beware re-entering into a trade in the middle, so watch
your risk in the middle. And then I’m selling
the highs (take profit at highs) of the price wedge.
rises I will buy with wave-pattern-long considering the PLOD has held and the
sellers have failed. If price keeps
moving higher I need to beware re-entering into a trade in the middle, so watch
your risk in the middle. And then I’m selling
the highs (take profit at highs) of the price wedge.
