December 5, 2012
- in Uncategorized by schooloftrade
Crude Oil day trading plan
 |
| Crude Oil day trading plan |
We can see
three clues on Crude Oil futures this morning.
We have a bullish price-channel, a price-wedge, and an inside-day. All three of these clues will tell me where
the high-percentage-trades will occur this morning.
three clues on Crude Oil futures this morning.
We have a bullish price-channel, a price-wedge, and an inside-day. All three of these clues will tell me where
the high-percentage-trades will occur this morning.
The high-percentage-trades
this morning will use the bull price-channel as our biggest clue, which means
the best trades will be LONG at the LOWS of the price-wedge which is also the low
of the price-channel.
this morning will use the bull price-channel as our biggest clue, which means
the best trades will be LONG at the LOWS of the price-wedge which is also the low
of the price-channel.
If price
rises higher we will run into the resistance at the PHOD 89.18, 90.00 top of price-wedge,
and 90.33 swing-high above it. As price
rises we will sell the PHOD as resistance, however, if we go to new higher-highs
above the PHOD we become an outside-day and therefore we are bullish and looking
to buy with pullbacks. We are always looking to buy the breakout above the PHOD,
however, always looking for the fake-out-breakout around this resistance. We look for the wave-pattern-long to fail to
give us the signal of the fake-out-breakout at the PHOD.
rises higher we will run into the resistance at the PHOD 89.18, 90.00 top of price-wedge,
and 90.33 swing-high above it. As price
rises we will sell the PHOD as resistance, however, if we go to new higher-highs
above the PHOD we become an outside-day and therefore we are bullish and looking
to buy with pullbacks. We are always looking to buy the breakout above the PHOD,
however, always looking for the fake-out-breakout around this resistance. We look for the wave-pattern-long to fail to
give us the signal of the fake-out-breakout at the PHOD.
We want to
sell the highs of this range if price moves higher, so stay patient if we
breakout to the up-side and wait for those buyers to exhaust and look for price-reversal
around the 90.00 – 91.00.
sell the highs of this range if price moves higher, so stay patient if we
breakout to the up-side and wait for those buyers to exhaust and look for price-reversal
around the 90.00 – 91.00.
If price
falls lower we need to beware we will be in the middle of this sideways-trading-range. We never want to enter into in the middle, so
beware as price moves lower.
falls lower we need to beware we will be in the middle of this sideways-trading-range. We never want to enter into in the middle, so
beware as price moves lower.
 |
| Crude Oil day trading plan |
Ideally, we
want to sell short as price moves lower with strong market personality, taking
profit at the PLOD as the sellers attempt to test yesterday’s lows. We MAY not have the market personality we need
to sell short because we are in the middle.
want to sell short as price moves lower with strong market personality, taking
profit at the PLOD as the sellers attempt to test yesterday’s lows. We MAY not have the market personality we need
to sell short because we are in the middle.
The high-percentage-trades
as price falls is to buy-the-lows at support at the PLOD 87.57, 87.47. We want to buy this support around the PLOD however,
if the sellers are too strong and price-action says we will keep going lower,
wait for the wave-pattern-short to sell below 87.47 with a profit-target at the
trigger-zone lows of 86.75 and the 86.00 lows of the bull price-channel.
as price falls is to buy-the-lows at support at the PLOD 87.57, 87.47. We want to buy this support around the PLOD however,
if the sellers are too strong and price-action says we will keep going lower,
wait for the wave-pattern-short to sell below 87.47 with a profit-target at the
trigger-zone lows of 86.75 and the 86.00 lows of the bull price-channel.
If we find
ourselves all the way at the bottom of the price-channel, we will be looking to
buy the 86.00 – 85.00 area at this major support.
ourselves all the way at the bottom of the price-channel, we will be looking to
buy the 86.00 – 85.00 area at this major support.
The biggest
challenge for Crude Oil this morning is the market personality. we can tell we are slow as the day begins,
almost foreshadowing the next 90 minutes ahead of inventories.
challenge for Crude Oil this morning is the market personality. we can tell we are slow as the day begins,
almost foreshadowing the next 90 minutes ahead of inventories.
