Dollar looks confused trading in previous range as Crude Oil tumbles on demand concerns
DX 89Range SchoolOfTrade.com |
DX 13Range SchoolOfTrade.com |
DX 89Range SchoolOfTrade.com |
DX 13Range SchoolOfTrade.com |
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My plan of attack on Crude Oil this morning using the 89range chart will be quite simple:
If price rises im selling the highs of the range(s) at 97.80, 99.00.
If price makes new highs from there im avoiding the big round number and the BMT around 100.00.
As price rises im selling at resistance first, and then buying pullbacks with new higher highs.
I will not buy at the highs.
If price falls im buying at support first and then selling retracements with new lower lows.
I will buy support and the range lows at 96.55, 96.15
I will also look to buy the lows of the wedge, the channel, and the ranges.
As price keeps dropping I will be looking to sell retracements.
I do not sell the lows.
Our plan of attack with this information on crude oil:
– Buy the lows and sell the highs b/c of the inside day
– Look for buying at support, and then buying pullbacks using this bullish trend and the magnets overhead.
– Don’t get ‘married’ to the long side, keep the eyes open b/c this week is OPEX and Quad Witching and anything can happen, especially with the dollar trading possibly sideways this morning.
Our plan on crude oil after 1030am:
– Inside day, so sell the highs and buy the lows, avoid the fake-out breakout.
– If price rises im selling 98.25 resistance, and then looking to buy a pullback above that level.
– Take profit, or look to sell at 98.50, then look to buy pullbacks above that level as well.
– I will be watching momentum VERY closely today as we make new higher highs.
– If price drops im selling the highs of the price channel below 97.84 (21r trigger line)
– We get a really big drop below 97.70 (34r trigger line) so look for the highest % trade short below that level.
– Targets on the way down will be 97.40, 97.13, and then 97.00 is the lows of the channel.
Review Gold Futures:
89range chart is the most important price levels so we start there first.
We see the following:
– Price Wedge, we are near the lows
– Sideways Range(s) and we’re near the highs
– BMT is below us, 1514.6, at the lows of both the ranges and the wedge.
– Transitional area is below us. (trigger zone)
– In the middle of the major sideways range
We can see a macro view with the 89range and it tells us that TODAY we in the middle of the major range, which means buyers and sellers will be competing over WHO HAS CONTROL.
This will lead to sloppy price action, lack of ‘follow through’ and no easy personality to pick up on.
The Gold 34Range chart shows us:
Inside day = buy the lows, sell the highs, avoid the fake-out breakout.
Bear Price Channel, sell the highs as high %
Sideways Range, sell the highs at 24.9 AND BUY THE LOWS 14.5
Avoid the OPEN at 21.0 and avoid the middle of the ranges.
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