Wave Patterns sell the highs on Crude Oil Day Trading Strategy

825am est

– Lets get our week started with the news today:
– Crude oil futures in the middle of the sideways wedge pattern

o Higher risk trades come in the middle
o Lower risk trades (high %) occur at the highs or the lows of the wedge.

 Wait for the market to give us a higher % opportunity.

– 845am est

– We have crude oil just off the lows of the price wedge, so we have 2 opportunities to buy or sell the crude oil, but neither of them are very high %

o Id rather wait to buy the lows or sell the highs, not force a trade just because this is the only option I see right now.

950AM est

– This market has a slow and sluggish personality

o Average true range is low
o Speed is slow (Red POT Indicator)
o Dollar is not moving at all

1130am est

– The dollar index futures chopping around sideways at the high of day from last Friday afternoon
– The dollar index has been slow and sluggish all morning
– Might be due to the news @ 2pm EST tomorrow, FOMC Meeting minutes