December 14, 2012
- in Uncategorized by schooloftrade
Crude Oil day trading plan
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| Crude Oil day trading plan |
We can see
easily the sideways-trading-range that Crude Oil is trading in this
morning. This also comes in the middle
of the range from yesterday. We are
between the PHOD and the PLOD which means the market personality is trading
sideways. With this said our goal today
is to buy-the-lows at support and sell-the-high at resistance of this sideways-trading-range.
easily the sideways-trading-range that Crude Oil is trading in this
morning. This also comes in the middle
of the range from yesterday. We are
between the PHOD and the PLOD which means the market personality is trading
sideways. With this said our goal today
is to buy-the-lows at support and sell-the-high at resistance of this sideways-trading-range.
As price
rises higher I am going to test the PHOD and the highs of the short term bear price-channel. We must remember that when there is a bear price-channel
the high-percentage-trades are selling short off the highs, and in this case
that selling opportunity will come around 87.20 depending on the TIME we test
the highs.
rises higher I am going to test the PHOD and the highs of the short term bear price-channel. We must remember that when there is a bear price-channel
the high-percentage-trades are selling short off the highs, and in this case
that selling opportunity will come around 87.20 depending on the TIME we test
the highs.
As price
rises im selling the PHOD as resistance and im ALWAYS looking for the fake-out-breakout
around the PHOD. In other words when the
new higher-highs occur above the PHOD we may not see strong buyers continue the
move higher, and when it fails to move higher we will use a simple price-reversal
entry and sell short just below the PHOD.
Our final profit-target for this price-reversal short is the PLOD and
the lows of the range around 87.35.
rises im selling the PHOD as resistance and im ALWAYS looking for the fake-out-breakout
around the PHOD. In other words when the
new higher-highs occur above the PHOD we may not see strong buyers continue the
move higher, and when it fails to move higher we will use a simple price-reversal
entry and sell short just below the PHOD.
Our final profit-target for this price-reversal short is the PLOD and
the lows of the range around 87.35.
It will be
challenging to buy above the PHOD as we can see the major resistance above it,
so beware trading with emotions above the PHOD and stick to this day trading
plan!
challenging to buy above the PHOD as we can see the major resistance above it,
so beware trading with emotions above the PHOD and stick to this day trading
plan!
If price
trades sideways we are right in the middle of this range, and that tells us
that the buyers and sellers have agreed on ‘value’ which means we will get
sideways and narrow price-action in the middle.
This is NOT where the high-percentage-trades occur.
trades sideways we are right in the middle of this range, and that tells us
that the buyers and sellers have agreed on ‘value’ which means we will get
sideways and narrow price-action in the middle.
This is NOT where the high-percentage-trades occur.
If price
moves lower this morning we need buy the lows of the trading range at the PLOD and
then if price goes lower we will buy the lows at 87.35, 85.20, 85.10 and so
forth. The first support level we will
see is the PLOD so we’re buying 85.81 first as support, and then with strong
sellers and new lower-lows we can sell short below .81 and take profit-target at
the 87.35 area at the lows of the range.
moves lower this morning we need buy the lows of the trading range at the PLOD and
then if price goes lower we will buy the lows at 87.35, 85.20, 85.10 and so
forth. The first support level we will
see is the PLOD so we’re buying 85.81 first as support, and then with strong
sellers and new lower-lows we can sell short below .81 and take profit-target at
the 87.35 area at the lows of the range.
Don’t forget! If we find ourselves at the highs or the lows
of these trading ranges we need to be looking for the price-reversal trade. At the lows we are buying, and at the highs
we are selling.
of these trading ranges we need to be looking for the price-reversal trade. At the lows we are buying, and at the highs
we are selling.
