February 5, 2013
- in Uncategorized by schooloftrade
Crude Oil Anchor Chart Prep
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| Crude Oil Anchor Chart Prep |
First thing
this morning we see Crude Oil tested the PLOD overnight and bounced quickly up
into the middle of the range from Monday.
Trading in the middle is much higher risk and lower-percentage so we
need to sit-on-hands and wait for the re-test of the lows or the first test of
the highs of this range.
this morning we see Crude Oil tested the PLOD overnight and bounced quickly up
into the middle of the range from Monday.
Trading in the middle is much higher risk and lower-percentage so we
need to sit-on-hands and wait for the re-test of the lows or the first test of
the highs of this range.
We still
have the same double-top support from Monday, and we can see a bearish price-channel
using the consistent lower-lows from late on Monday afternoon and a very wide price-wedge
on this anchor chart.
have the same double-top support from Monday, and we can see a bearish price-channel
using the consistent lower-lows from late on Monday afternoon and a very wide price-wedge
on this anchor chart.
Our day
trading plan this morning for Crude Oil futures is to stay patient and wait for
the re-test the PLOD 95.89 (and the double-top support at 95.75) at which point
we will look for buying opportunities.
trading plan this morning for Crude Oil futures is to stay patient and wait for
the re-test the PLOD 95.89 (and the double-top support at 95.75) at which point
we will look for buying opportunities.
We will also
wait for the test of the price-channel highs and the PLOD 97.32 from the 30th
of January to get short with a price-reversal.
If price is to move above the 97.32 we will sell short at the PLOD from Monday
97.76 and 98.04 at the highs of the range.
wait for the test of the price-channel highs and the PLOD 97.32 from the 30th
of January to get short with a price-reversal.
If price is to move above the 97.32 we will sell short at the PLOD from Monday
97.76 and 98.04 at the highs of the range.
