February 26, 2013
- in Uncategorized by schooloftrade
Crude Oil Anchor Chart Prep
 |
| Crude Oil Anchor Chart Prep |
We can see
that Crude Oil has tumbled down to the lows of the long term bearish
price-channel on our anchor chart. This
tells us that we have a little more room to drop, but we need to be aware of
taking profit on our short positions, and staying patient looking for a
price-reversal to buy these lows.
that Crude Oil has tumbled down to the lows of the long term bearish
price-channel on our anchor chart. This
tells us that we have a little more room to drop, but we need to be aware of
taking profit on our short positions, and staying patient looking for a
price-reversal to buy these lows.
It’s always
going to be a challenge to sell the lows of a bear price-channel, much like
trying to buy the highs of a bull price-channel. The key at these lows is to
stay patient, and if we do decide the sellers are still in control we will look
for the high-percentage-set-ups to get us into the short trades going lower.
going to be a challenge to sell the lows of a bear price-channel, much like
trying to buy the highs of a bull price-channel. The key at these lows is to
stay patient, and if we do decide the sellers are still in control we will look
for the high-percentage-set-ups to get us into the short trades going lower.
We can see
on the anchor chart the lower-highs and higher-lows that cause us to be
concerned about new Wave Set-Ups. We will
assume this is consolidating which means we need to wait for new lower-lows or higher-highs
to use the Wave Set-Up.
on the anchor chart the lower-highs and higher-lows that cause us to be
concerned about new Wave Set-Ups. We will
assume this is consolidating which means we need to wait for new lower-lows or higher-highs
to use the Wave Set-Up.
 |
| Crude Oil entry Chart Prep |
Our anchor
chart shows us perfect symmetry support at the 91.75 area on our slower
timeframe. We will look for the price-reversal
at this support in connection with the lows of the price-channel.
We can see
on our entry chart timeframe on Crude Oil that we have a fake-out-breakout at
the PLOD at 6:00pm EST last night. This ‘price
rejection’ by the buyers tells us that we should be looking for an InsideOut
Set-up to get long with new higher-highs or with a 2nd failed attend
to make new lower-lows.
on our entry chart timeframe on Crude Oil that we have a fake-out-breakout at
the PLOD at 6:00pm EST last night. This ‘price
rejection’ by the buyers tells us that we should be looking for an InsideOut
Set-up to get long with new higher-highs or with a 2nd failed attend
to make new lower-lows.
Our day
trading plan for Crude Oil futures is to stay patient at 900am EST because the market
personality is flat and very sluggish. We
can see the fake-out-breakout that occurred below the PLOD, so we’re watching
for the InsideOut Set-up to get long, with a profit-target at the trend line resistance
and the PHOD above us.
trading plan for Crude Oil futures is to stay patient at 900am EST because the market
personality is flat and very sluggish. We
can see the fake-out-breakout that occurred below the PLOD, so we’re watching
for the InsideOut Set-up to get long, with a profit-target at the trend line resistance
and the PHOD above us.
If we do
move lower this morning we have a lot of support to worry about, so beware
getting short into the support levels below the PLOD, and we will look for the
sellers to fail, and when we get a price-reversal at the lows we will look for buying
opportunities at the lows of the channels and the double-top support we found
on our anchor chart.
move lower this morning we have a lot of support to worry about, so beware
getting short into the support levels below the PLOD, and we will look for the
sellers to fail, and when we get a price-reversal at the lows we will look for buying
opportunities at the lows of the channels and the double-top support we found
on our anchor chart.
