November 30, 2012
- in Uncategorized by schooloftrade
Crude Oil Day trading plan
We can see
that Crude Oil futures are trading near the highs of the bear price-channel and
the bear price-wedge. We can also see
the PHOD at 88.69 is the high of the short term trading range and will be used
as resistance along with the highs of the price-channel and price-wedge.
Our day
trading plan for trading Crude Oil this morning has everything to do with the PHOD
and the highs of the channel. As price
rises im looking to sit-on-hands and wait for the opportunity to SELL the highs
as resistance. If price breaks above the
price-channel highs we will stay patient and look for the selling opportunities
around the PHOD.
trading plan for trading Crude Oil this morning has everything to do with the PHOD
and the highs of the channel. As price
rises im looking to sit-on-hands and wait for the opportunity to SELL the highs
as resistance. If price breaks above the
price-channel highs we will stay patient and look for the selling opportunities
around the PHOD.
If pricebreaks above the PHOD 88.69 we look for the fake-out-breakout first to see if
the sellers are too strong, and then if we get buyers in control with new higher-highs
we will buy pullbacks using the wave-pattern-long. Our final profit-target for the buying
opportunities above the PHOD will be 89.15 and 89.80 resistance.
If price
makes a new lower-lows we will sell short using 1 of our 3 basics price
patterns. Looking for selling
opportunities when the buyers fail to test the highs of this trading range, and
we have a final profit-target for the selling opportunities at 87.00 trigger-zone
support and PLOD at 86.43.
makes a new lower-lows we will sell short using 1 of our 3 basics price
patterns. Looking for selling
opportunities when the buyers fail to test the highs of this trading range, and
we have a final profit-target for the selling opportunities at 87.00 trigger-zone
support and PLOD at 86.43.
If we fall belowthe PLOD we then will be looking for the fake-out-breakout to see if the buyers
can keep control, and then with new lower-lows we sell short using the wave-pattern-short
below 86.66 PLOD and use profit-target at the lows of the price-wedge around
the 85.70 area. Our final target at the price-wedge
lows depends on how LONG it takes to get down there.
