December 3, 2012
- in Uncategorized by schooloftrade
Crude Oil day trading plan
We can see
the bearish price-channel and we just recently broke to new higher-highs into
the trigger-zone resistance overhead.
This tellsme the buyers are trying to force this price-action to push through major resistance. We know that the high-percentage-trades on a
BEARISH price-channel is to sell-the-high at resistance. We also know that when we break above these
highs that the buyers will soon lose control and the sellers will try to give
us a price-reversal. We will be looking
for this price-reversal.
As we move
higher into resistance we need to beware that buying at the highs and/or into resistance
is always going to be more challenging. We
want to sell the highs, and sell at resistance as price moves higher. We need to see the speed slow down, the delta
or time and sales window turn to sellers, and we need momentum to be
overbought. When we see these 3-signs of
a price-reversal we will then start to look for entry short.
higher into resistance we need to beware that buying at the highs and/or into resistance
is always going to be more challenging. We
want to sell the highs, and sell at resistance as price moves higher. We need to see the speed slow down, the delta
or time and sales window turn to sellers, and we need momentum to be
overbought. When we see these 3-signs of
a price-reversal we will then start to look for entry short.
If price wasto move lower this morning I would be selling the highs of the bear price-channel
which is considered the high-percentage-trades on this price-structure. I want to use a 2-step pattern short or a wave-pattern-short
when I see the buyers fail and price starts to drop. If I can get below 89.15 I have a wide open
space below me to sell short and we have the PHOD and PLOD which will be ideal profit-targets
for the short sellers.
