February 23, 2012
- in Uncategorized by schooloftrade
Crude oil day trading strategy
Today we use multiple timeframes on crude oil to formulate
our day trading strategy because we need to see if there are additional levels
of resistance overhead. We begin with
the 233 range which has used 12 months of market data to go back in time and
find us some previous levels to use as resistance. We can see that above 107.00 there is a wide
open space and price will likely move higher above 107.00. As price rises I’m going to sell price
reversals below 107.00 and then look for pullbacks above 107.00 keeping a close
eye on a fake-out breakout above 107.00.
our day trading strategy because we need to see if there are additional levels
of resistance overhead. We begin with
the 233 range which has used 12 months of market data to go back in time and
find us some previous levels to use as resistance. We can see that above 107.00 there is a wide
open space and price will likely move higher above 107.00. As price rises I’m going to sell price
reversals below 107.00 and then look for pullbacks above 107.00 keeping a close
eye on a fake-out breakout above 107.00.
We can see a bull price channel on the 89 range chart as
well as the PHOD at 106.72. if price
rises I’m selling below 107 and if price falls I am selling below the PHOD and
taking profit at the trigger line support, PLOD and price channel lows as
support.
well as the PHOD at 106.72. if price
rises I’m selling below 107 and if price falls I am selling below the PHOD and
taking profit at the trigger line support, PLOD and price channel lows as
support.
The plan is simple, sell the highs when the
buyers fail and take profit at the PLOD. if price moves below the PLOD we have support 105.45 and we can then resume with selling retracements looking to take profit at the lows of the channel.
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| Crude Oil Day Trading Strategy |
