April 13, 2011
I Need This to Sell the Highs on Crude Oil Futures
800am est
Reviewing the Gold Futures and we see the following:
– The 89range chart shows us at the highs of the most recent bullish price wedge, however, we notice the transition into the wedge below failed, and we are concerned we may be trapped between the highs of the new wedge and the highs of the older wedge.
– Only time will tell, but we know this to be a factor.
– We also see a short term bearish price channel, which leads us to believe we will see some action today worth trading.
– Lets zoom in on the 34range and look for the exact price levels.
– The 34range chart on gold futures shows us in a wedge pattern and at the highs of thewege
– We also see 2 channels, 1 bullish and 1 bearish, and we are at the highs of those as well
– Looks like a great spot to sell the highs on gold
845am est
– We see slow and sloppy charts this morning and then we open the dollar and we see WHY
– Dollar average true range is not rising, its flat, and possibly falling
– The big concern comes from the 13r on the dx 06-11 we see the VERY narrow price wedge, and the narrower the dollar gets the narrower the markets we trade will be.
– We need wider ranges on the dollar….and fast!!!
900am est
Lets plan our attack on crude oil:
If price rises:
– Buying a pullback above 107.00
– Selling the highs/resistance at 107.78 up to 108.00
– If will sell 108.00 and if we break new highs above 108 im buying a pullback.
If price falls:
– Selling below 107.00
– Buying 106.32 first, then selling a retracement if we break lows below 106.32
– Will avoid trading around 106.0 it’s a big major support trend line that will be sloppy
– I will buy 105.37 as support
955am est
– We’re waiting for 10am news to hopefully bring some speed and movement back to these markets
– We followed our plan of attack on crude oil exactly as planned and we made 50 ticks, 3 trades, not much movements, but we got some profit out of it.
– Now the personality is changing at 10am
– We see slow and sluggish markets
– We know we have some news on the horizon
– Crude inventories @ 1030am so we need to be careful on crude after 1015am
– We also have obama speaking at 130pm est today, and his topic of the budget will likely have traders sitting on hands
– We also have 2pm EST news today, the Beige Book
– We now know that we have a lot of reasons for the BIG MONEY to sit on their hands, and therefor we must as well.
1115am est
– We had a nice big winner on crude oil after the news @ 1030am
– We then tried to sell the new highs but took a scratch
– And now we notice the personality is changing
– Getting slower, fewer big moves, less consistency in the speed and the BIG MONEY
