February 7, 2013
- in Uncategorized by schooloftrade
Crude Oil Anchor Chart Prep
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| Crude Oil Anchor Chart Prep |
We open our
charts for Crude Oil this morning and we can see the big bounce off the lows
from Wednesday and we are right back inside the range from the previous day.
charts for Crude Oil this morning and we can see the big bounce off the lows
from Wednesday and we are right back inside the range from the previous day.
We can see
the price-action broke above the PHOD and now collapsed back below the PHOD so
this means our first trade today will likely be the InsideOut Set-up which was
also our biggest trade on Wednesday.
the price-action broke above the PHOD and now collapsed back below the PHOD so
this means our first trade today will likely be the InsideOut Set-up which was
also our biggest trade on Wednesday.
We are excited
to see if we can get a MAX Set-up short along with the InsideOut Set-up short
if we can get these sellers to fail and price-action moves to new lower-lows below
the PHOD.
to see if we can get a MAX Set-up short along with the InsideOut Set-up short
if we can get these sellers to fail and price-action moves to new lower-lows below
the PHOD.
If the
sellers can’t take this price-action back down to the lows, and the buyers take
back control above the PHOD we will then use the Wave Set-Up to buy pullbacks with
new higher-highs above the PHOD.
sellers can’t take this price-action back down to the lows, and the buyers take
back control above the PHOD we will then use the Wave Set-Up to buy pullbacks with
new higher-highs above the PHOD.
We have to
remember that the bearish price-channel tells us that the buyers are going to
have trouble pushing new higher-highs, and when the highs of the price-channel hold
as resistance this becomes a very high-percentage-trade selling short off these
highs.
remember that the bearish price-channel tells us that the buyers are going to
have trouble pushing new higher-highs, and when the highs of the price-channel hold
as resistance this becomes a very high-percentage-trade selling short off these
highs.
We can see a
very wide price-wedge on the anchor chart using the new lower-lows from Wednesday
and the new higher-highs from today.
very wide price-wedge on the anchor chart using the new lower-lows from Wednesday
and the new higher-highs from today.
We are looking
for the Crude Oil breakout set-up at 9:00am EST this morning.
for the Crude Oil breakout set-up at 9:00am EST this morning.
Our day
trading plan for Crude Oil futures is to sell these highs below the PHOD as the
buyers fail. Our profit-target for the
short will be the Midas Target and the PLOD from Wednesday. If the buyers take this back to new higher-highs
we will then use the Wave Set-Up long to buy pullbacks.
trading plan for Crude Oil futures is to sell these highs below the PHOD as the
buyers fail. Our profit-target for the
short will be the Midas Target and the PLOD from Wednesday. If the buyers take this back to new higher-highs
we will then use the Wave Set-Up long to buy pullbacks.
