February 4, 2013
- in Uncategorized by schooloftrade
Crude Oil Anchor Chart Prep
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| Crude Oil Anchor Chart Prep |
Crude Oil trades
lower at the lows from Friday, which means we have 2 set-ups to look for
immediately. First, the InsideOut Set-up
occurs when the sellers fail at the lows and we enter long after a price-reversal. Second, the Wave Set-Up occurs with new lower-lows
outside of the trading range, in this case, we are using the PLOD 96.51.
lower at the lows from Friday, which means we have 2 set-ups to look for
immediately. First, the InsideOut Set-up
occurs when the sellers fail at the lows and we enter long after a price-reversal. Second, the Wave Set-Up occurs with new lower-lows
outside of the trading range, in this case, we are using the PLOD 96.51.
We can see
the double-top resistance at 98.25 which provides major support below us at
96.30, 95.75, and 95.00 for the major price-reversal support. We will be looking for the ‘bounce’ off this support
and then buying long with the entry trigger.
the double-top resistance at 98.25 which provides major support below us at
96.30, 95.75, and 95.00 for the major price-reversal support. We will be looking for the ‘bounce’ off this support
and then buying long with the entry trigger.
Our day
trading plan for the Crude Oil contract is to buy the failure at the PLOD 96.51
using the InsideOut Set-up and if the sellers are too strong we will sell short
using new lower-lows and the Wave Set-Up.
trading plan for the Crude Oil contract is to buy the failure at the PLOD 96.51
using the InsideOut Set-up and if the sellers are too strong we will sell short
using new lower-lows and the Wave Set-Up.
Beware, we
have the support from the double-top at 96.30 so we may not have enough room to
get short below we run into this roadblock.
It may be wise to wait and see how this support at 96.30 reacts. If we blow right through this support we then
get short using the Wave Set-Up and we have a lot more open room for the trade
to run.
have the support from the double-top at 96.30 so we may not have enough room to
get short below we run into this roadblock.
It may be wise to wait and see how this support at 96.30 reacts. If we blow right through this support we then
get short using the Wave Set-Up and we have a lot more open room for the trade
to run.
We can also
assume that 96.30 may hold as support and when the buyers step in above the PLOD
we will look to get long.
assume that 96.30 may hold as support and when the buyers step in above the PLOD
we will look to get long.
