September 19, 2011
- in Uncategorized by schooloftrade
Crude Oil Contract Rollover and Traders Prepare for an exciting week
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The James’ Report: Professional Resources for Professional Traders
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Remember to roll forward Crude Oil Futures to the 11-11 contract this morning. Euro rolls forward to the 12-11 contract. Dollar, and all other currencies also rolled forward last week.
– Greece has coupon payments due on Tuesday, Sept 20th totaling almost €800M
– German Chancellor Merkel party makes it 0 for 6 in elections.
– EU leaders end summit with no plan.
– China property prices rise in all but two cities signaling probably more tightening to come
– European shares fell arresting the 4-day rally after mounting speculations over a Greek default as Greek PM cancelled a trip to the US and Germany’s euro skeptics prevailed over Merkel’s coalition in local elections.
– According to a survey of institutional managers by Bank of America, more than one third of major investors see an Irish default. The Irish Independent article also noted that over 80% of global investors polled by Bank of America see a Greek default, 41% see a Portuguese default.
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Today’s Economic News:
We have 10am Housing Market Index news this morning, and we also have our Intense Members Training @ 1130am today.
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Looking at the Charts:
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Crude Oil Futures show us 3 simple price structures:
– Price Wedge
– Outside Day
– Major Support below
Price Wedge tells us to buy as price falls, and sell as price rises, and the outside day tells us to sell new lower lows with retracements.
As price falls im buying at major support (wedge), and then when we break that support, i then want to sell a retracement with new lower lows (outside Day).
These two price structures are a little conflicting when it comes to the personality we expect with them.
Outside day says BREAKOUTS….
Price Wedge says FAKE-OUTS….
We also see major support below us, which we will use as points for entry and profit targets.
Russell Futures give us three price structures:
Bull Price Channel
Outside Day
Price Wedge
Price channel says to buy the lows of the channel, and buy the major support below the channel lows.
Outside day says to sell retracements with new lower lows, below the PLOD sellers are in charge.
Price Wedge tells me to buy as price falls, sell as price rises, and avoid the middle of the wedge. Buy the lows of the wedge, sell the highs of the wedge.
Avoid the middle of the wedge around 680.0 area.
Euro Futures we have 3 price structure clues:
Price Wedge
Outside Day
Sideways Range
Price wedge says to buy the lows and sell the highs of the wedge. Avoid the middle of the wedge.
Wedge tells me to buy as price falls at major support.
Outside day tells me bias is to the short side and to sell with new lower lows, once we break through the major support.
Sideways range reminds me to buy the lows (support) and sell the highs (resistance), avoid the middle of the range.
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