August 2, 2012
- in Uncategorized by schooloftrade
Crude Oil Futures Trading Checklist:
Heat
Map: What is it telling us?
Map: What is it telling us?
Bullish on
Crude Oil according to our heat map today.
Crude Oil according to our heat map today.
OHLC
Analysis:
Analysis:
We have 2
higher and 2 lower, so there is no directional bias at this time.
higher and 2 lower, so there is no directional bias at this time.
Overnight
Highs & Lows:
Highs & Lows:
We tried and
failed to break and stay above the overnight highs. We can see the news at 830am EST pushed the
price up and now price is coming back down.
failed to break and stay above the overnight highs. We can see the news at 830am EST pushed the
price up and now price is coming back down.
Are we
inside or outside day today?
inside or outside day today?
We are
inside day, after failing at the highs.
inside day, after failing at the highs.
What
price-structures do we see?
price-structures do we see?
· Trigger-zone are there above as
resistance and below as support.
resistance and below as support.
· AB=CD Pattern Bearish will be broken
below the C 86.96 so looking for the bullish AB=CD Pattern which takes us down
into the trigger-zone below us as the big price magnet.
below the C 86.96 so looking for the bullish AB=CD Pattern which takes us down
into the trigger-zone below us as the big price magnet.
· Price wedge is the most important
clue
clue
· Price channels are both bullish
(major) and bearish (minor)
(major) and bearish (minor)
· Zigzag is not on this chart
· Sideways / Trading Ranges are there
too. We can buy the lows at support of
the range around 87.00, which is also the C point of the bearish AB=CD Pattern.
too. We can buy the lows at support of
the range around 87.00, which is also the C point of the bearish AB=CD Pattern.
· Double-top / Double-bottom none
today.
today.
Where
will a reversal be likely today?
will a reversal be likely today?
We have a price
wedge and at the highs and lows of the price wedge we expect to see the price-reversal.
wedge and at the highs and lows of the price wedge we expect to see the price-reversal.
What is
our trading plan for today?
our trading plan for today?
If price
rises higher we sell the highs at resistance on the price wedge. If price pushes through those highs we will
wait and sell the fake-out breakout if the buyers fail, and sell the resistance
at the trigger-zone at 90.30 to take it back down.
rises higher we sell the highs at resistance on the price wedge. If price pushes through those highs we will
wait and sell the fake-out breakout if the buyers fail, and sell the resistance
at the trigger-zone at 90.30 to take it back down.
If price
falls we will take profit on our short trade off the highs, and look to buy the
lows of the price wedge. If price keeps pushing
lower, we will keep looking for the fake-out breakout and we will try and buy
the price-reversal at support levels such as 87.31, 86.84, 86.69. And if price pushes below 86.69 look for the fake-out
breakout first, but then sell with wave pattern short down to 85.50 the next
maj resistance.
falls we will take profit on our short trade off the highs, and look to buy the
lows of the price wedge. If price keeps pushing
lower, we will keep looking for the fake-out breakout and we will try and buy
the price-reversal at support levels such as 87.31, 86.84, 86.69. And if price pushes below 86.69 look for the fake-out
breakout first, but then sell with wave pattern short down to 85.50 the next
maj resistance.
