November 21, 2012
- in Uncategorized by schooloftrade
Crude Oil Chart Prep:
Our Crude
Oil chart prep this morning begins on the 89range chart. We zoom all the way out and we can see a
major price-wedge and a short term price-wedge within it.
We can see
the short bear price-channel tells us the high-percentage-trades will be
selling at the highs of the price-channel today. We can also see the short term bearish price-wedge
using the bear price-channel as its price-structure.
the short bear price-channel tells us the high-percentage-trades will be
selling at the highs of the price-channel today. We can also see the short term bearish price-wedge
using the bear price-channel as its price-structure.
Our day
trading strategy for Crude Oil futures is to sell the highs of the price-channel
and buy the lows of the price-wedge. We
know that as price rises higher we will be very careful because we’re currently
in the middle of the price-wedge, and as soon as we get to the highs we look
for the fake-out-breakout and we sell it short.
Final profit-target for the short off the highs will be the PLOD 86.17
and the lows of the price-wedge.
trading strategy for Crude Oil futures is to sell the highs of the price-channel
and buy the lows of the price-wedge. We
know that as price rises higher we will be very careful because we’re currently
in the middle of the price-wedge, and as soon as we get to the highs we look
for the fake-out-breakout and we sell it short.
Final profit-target for the short off the highs will be the PLOD 86.17
and the lows of the price-wedge.
If price
moves lower we will look for buying opportunities at the PLOD. We want to buy the lows of the price-wedge,
but we will begin buying the support at the PLOD. If we get below the PLOD we then sell short
as the buyers have failed, and take profit-target at the 85.41 and lows of the price-wedge.
moves lower we will look for buying opportunities at the PLOD. We want to buy the lows of the price-wedge,
but we will begin buying the support at the PLOD. If we get below the PLOD we then sell short
as the buyers have failed, and take profit-target at the 85.41 and lows of the price-wedge.
The challenge
we see this morning is the market personality sitting in the middle of this price-wedge. We need to sit-on-hands in the middle because
the buyers and sellers are NOT in charge unless we’re at the highs or the lows.
we see this morning is the market personality sitting in the middle of this price-wedge. We need to sit-on-hands in the middle because
the buyers and sellers are NOT in charge unless we’re at the highs or the lows.
