February 28, 2013
- in Uncategorized by schooloftrade
Crude Oil Anchor Chart Prep
Crude Oil Anchor Chart Prep |
Crude Oil is
trading in a narrow price-wedge structure this morning on both our anchor and entry
charts. This type of price-action tells
us that we need to be patient this morning and wait for the test of either the
highs or the lows of the range before we take our first trade.
trading in a narrow price-wedge structure this morning on both our anchor and entry
charts. This type of price-action tells
us that we need to be patient this morning and wait for the test of either the
highs or the lows of the range before we take our first trade.
We still
have the double top (now a triple top) on our anchor chart, which provides us
with major support below us at 91.75, which we will use as a location to buy if
price-action can test this area today.
have the double top (now a triple top) on our anchor chart, which provides us
with major support below us at 91.75, which we will use as a location to buy if
price-action can test this area today.
 |
Crude Oil ENTRY Chart Prep |
The price-wedge
is our biggest clue right now, and we will look to sell-the-high at resistance if
price moves higher and buy-the-lows at support if price moves lower. One big concern for a price-wedge is trading
in the middle. We will stay patient this
morning as this day develops and Crude Oil gives us some high-percentage-trades
at the highs and lows.
is our biggest clue right now, and we will look to sell-the-high at resistance if
price moves higher and buy-the-lows at support if price moves lower. One big concern for a price-wedge is trading
in the middle. We will stay patient this
morning as this day develops and Crude Oil gives us some high-percentage-trades
at the highs and lows.
